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- Mizuho Securities analyst Anthony Crowdell lowered the price target on WEC Energy Group Inc (NYSE:WEC) to $93 (an upside of 3%) from $107 while maintaining the Neutral rating on the shares.
- Mizuho hosted investor meetings with WEC’s Executive Chairman Gale Klappa and CFO Xia Liu.
- Crowdell says that the management highlighted the strong 6-7% EPS growth rate and its ability to deliver that without the need for operating adjustments. The analyst thinks that the high-quality earnings may continue to attract investors looking to play defense, despite valuation.
- The analyst notes that rate base growth and EPS growth align due to no equity needs. The investors appear concerned about affordability, and management mentioned the low bills compared to the national average, as well as the fact that their latest Wisconsin rate filing is based on a 5.8% residential increase.
- WEC anticipates some delays in solar projects now in the regulatory process, which would be in the 2023-24 time range. However, the analyst expects that delays in the procurement of solar panels will not affect earnings.
- Furthermore, the company has balanced spending plans with a rate base expected to rise at a reasonable 7%, demonstrating its capacity to deliver on EPS growth without needing to issue stock, mentioned Crowdell.
- Price Action: WEC shares are trading lower by 1.17% at $90.14 on the last check Friday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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