- Westar Energy (WR +1.7%) is upgraded to Buy from Neutral at Goldman Sachs, which sees ~13% total return upside potential with its $34 price target vs. small/mid-cap regulated utility peers at 4%.
- As environmental projects on coal plants wind down in 2015, free cash flow and dividends should improve significantly, often the main driver of share price outperformance within utilities, the firm says.
- Goldman maintains its 2013 outlook but modestly slightly raises estimates for 2014, '15 and '16 on lower costs and remains above consensus by 2%-4% on average.
Westar shares rise as Goldman upgrades to Buy
Dec 2 2013, 12:59 ET