UPDATE: Williams Initiates NV Energy at Buy

Williams is out with its report today on NV Energy (NYSE: NVE), initiating NVE at Buy.

In a note to clients, Williams writes, "We initiate coverage on NV Energy, Inc. (NYSE: NVE) with a Buy investment rating and $18.00 target price on June 21, 2011 at a price of $15.40. Our target price merely reflects 1.1x our 2013 book value estimate of $16.53, yet suggests a total return potential of approximately 20% over the next 12 months."

Shares of NVE closed Monday at $15.40.