BofA Securities Upgrades Allete Stock from Neutral to Buy

Shares of Allete, Inc. (NYSE: ALE) were just recently upgraded by an equity research analyst at BofA Securities, which is a bullish signal for existing and potential investors in ALE stock. Here’s what you need to know about the analyst upgrade:

BofA Securities Upgrades ALE Stock

BofA Securities moved its rating on shares of ALE from neutral to buy and moved its price target on Allete stock from $53 to $66. The last traded price per share of ALE at the time of writing this is $62.38In case you’re not very familiar with ALLETE, Inc., here’s an overview:

About Allete, Inc. (NYSE: ALE)

Allete, Inc. operates as an energy company. The company operates through Regulated Operations, Allete Clean Energy, and Corporate and Other segments. It generates electricity from coal-fired, biomass co-fired / natural gas, hydroelectric, wind, and solar. The company provides regulated utility electric services in northwestern Wisconsin to approximately 15,000 electric customers, 13,000 natural gas customers, and 10,000 water customers, as well as regulated utility electric services in northeastern Minnesota to approximately 145,000 retail customers and 15 non-affiliated municipal customers. It also owns and maintains electric transmission assets in Wisconsin, Michigan, Minnesota, and Illinois. In addition, the company focuses on developing, acquiring, and operating clean and renewable energy projects; and owns and operates approximately 1,000 megawatts of wind energy generation facility. Further, it is involved in the coal mining operations in North Dakota; and real estate investment activities in Florida. The company owns and operates 158 substations with a total capacity of 10,066 megavolt amperes. It serves taconite mining, paper, pulp and secondary wood products, pipeline, and other industries. The company was formerly known as Minnesota Power, Inc. and changed its name to ALLETE, Inc. in May 2001. Allete, Inc. was incorporated in 1906 and is headquartered in Duluth, Minnesota. You can learn more on the Allete website here.