J.P. Morgan Assumes Lead Analyst Coverage on Great Plains Energy

J.P. Morgan is out with its report on Great Plains Energy GXP after it assumes lead analyst coverage on GXP. In a note to clients, J.P. Morgan writes, "GXP should benefit from earnings growth as the company reflects the final investments under its Comprehensive Energy Plan (CEP) in rates; however, we believe this is offset by the headline risk inherent in the pending rate cases in MO. As earnings visibility improves, we may be in a position to revisit our stance, but believe it is too early to do so yet. Accordingly, we maintain our Neutral rating on GXP shares." J.P. Morgan decreases its price target on GXP from $24 to $21. GXP is trading at $19.35.