Wunderlich Securities Increases PT on Great Plains Energy to $23, Maintains Buy (GXP)

Wunderlich Securities increased its price target on Great Plains Energy (NYSE: GXP) to $23. In a research report published today, Wunderlich also increased its earnings per share estimates for the next three years.

In the report, Wunderlich states, "We are modestly tweaking our 2011E/2012E/2013E to $1.40/$1.70/$1.80 from $1.35/$1.73/$1.83 previously. Our price target rises to $23, a peer-average 13.8x our 2012E of $1.70. Our prior valuation methodology incorporated a modest discount to reflect regulatory and execution risk. We continue to highlight GXP as an attractive play on reducing regulatory lag. Continued clear communication, together with management execution, should drive an improvement in GXP's valuation multiple over time."

Wunderlich currently has a Buy rating on Great Plains.

In today's trading, Great Plains lost 0.24% of its value and is currently trading at $20.69.