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Alliant Energy (NASDAQ:LNT) +2.1% in Friday’s trading after Bank of America upgraded shares to Buy from Neutral with a $70 price target, seeing the utility as “a premium name in terms of execution which has delivered above-peer EPS growth of ~7% in recent years.”
Assuming the new climate and energy legislation is enacted into law, BofA’s Julien Dumoulin-Smith expects Alliant Energy (LNT) “will benefit in the form of $1B higher capex on solar projects in coming years which given [production tax credits] already being generated by its operating wind portfolio will not need to be funded by external equity, driving EPS growth above the top end of management’s 5%-7% target range.”
Alliant (LNT) is particularly well positioned to benefit from supportive policies stemming from the Inflation Reduction Act as the company accelerates its push into regulated renewable generation, according to Dumoulin-Smith.
Alliant Energy (LNT) recently reported Q2 GAAP earnings of $0.63/share on revenues of $943M.
