Citi Has Buy On Westar Energy

Citi Investment Research is out with a research report on Westar Energy (NYSE: WR) and it has a Buy rating and a $29 price target on shares.

In a note to clients, Citi Investment Research writes, "We believe the La Cygne situation has been an overhang on the shares since the 4Q10 earnings release. We view the order as removing the overhang. Westar has several options following the La Cygne order. The least likely option is a motion to reconsider the order. At this juncture, we expect Westar to file an abbreviated rate case following the general rate case filing to begin recovery of La Cygne expenditures. This is a similar path that Empire District Electric took to finish recovering the costs for two new power plants."

Shares of WR are down 17 cents to $24.72.