Zacks Investment Research upgraded shares of Wisconsin Energy Corp. (WEC) from NEUTRAL to OUTPERFORM on January 07, 2013, with a target price of $45.00.
We have upgraded our recommendation on Wisconsin Energy Corporation to Outperform from Neutral primarily based on strong earnings potential from its Power the Future' plan and steady progress on its two projects: a biomass plant in Rothschild and the air quality control improvement at the original Oak Creek units. In addition, installation of the biomass plant will enable the company to diversify its renewable energy portfolio. However, over dependence on seasonal patterns, compliance with current and future legislations might escalate operating expenses, which will likely weigh on the company's future profitability. The decline in operation and maintenance costs, strong recovery of fuel costs, and positive impacts from the share repurchase program allowed Wisconsin to surpass our expectation in third-quarter 2012.
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