WEC Downgraded On Recent Outperformance

Analyst Andrew Smith of JP Morgan downgrades Wisconsin Energy Corp (NYSE: WEC) from "overweight" to "neutral," while raising his estimates for the company. The target price for WEC is set to $48.

According to JP Morgan, the downward in the rating is to reflect the recent outperformance of Wisconsin Energy’s stock. “We continue to believe that Wisconsin Energy remains a high-quality regulated utility that benefits from a supportive regulatory framework,” the analyst says.

“We continue to recommend WEC shares for investors who are looking for a stable, low-risk earnings and growth profile, coupled with above-average dividend growth as the company brings its payout ratio closer to the industry average,” the analyst adds. JP Morgan has raised its EPS estimate for 2010 from $3.60 to $3.65.

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