Recent extremely meaningful positive changes in investment behavior have benefitted ALLETE Inc. (NYSE: ALE): its shorter term price trend turned up, the stock’s recent price rise disrupted its longer term downtrend, and the stock rose on very heavy volume.
Recent small positive changes in fundamentals have benefitted ALLETE Inc. (NYSE: ALE): the consensus estimate for December, 2023 increased significantly.
In light of these very positive signals we are reviewing our current Overall Rating of C. We would view the shares with optimism pending completion of this review in the next several days.
Current PriceTarget Research Rating
With future capital returns forecasted to be above the cost of capital, ALE is expected to continue to be a Value Builder.
ALLETE has a current Value Trend Rating of C (High Neutral). The Value Trend Rating reflects consistent signals from PTR’s two proprietary measures of a stock’s attractiveness. ALLETE has a slightly positive Appreciation Score of 69 and a neutral Power Rating of 48, resulting in the High Neutral Value Trend Rating.
Recent Price Action
ALLETE Inc. (NYSE: ALE) stock closed at $60.76 on 12/5/23 after a very large increase of 8.0%. Moreover, this advance was accompanied by exceptionally high trading volume at 606% of normal. The stock has risen 9.6% during the last week but has been weak relative to the market over the last nine months.
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