Ah, there’s nothing quite like the approval of a stock analyst. It can really send a thrill up your leg. Especially when it translates into an immediate boost to share price, as was the case with Keybanc’s upgrade for Northwestern Corporation, from Hold to Buy, with a price target of $23.50.
Keybanc made the call on December 8, and cited the December 9 Colstrip power plant sale decision as likely to be approved (it was).
The bounce for the Keybanc call: up a quarter, or 1.19%. It stayed about level the next day. By Friday December 12, NWE closed over $21 a share, up 50 cents from the Keybanc call, at its highest close since October.
It seems likely that Keybanc will hit its $23.50 target like a tuxedo’d boy hitting a pinata at his birthday party. Of course, that will still be well off it’s 2008 range of around $25 a share.