WEC Energy Group (WEC) PT Raised to $95 at Mizuho Securities

Mizuho Securities analyst Anthony Crowdell raised the price target on WEC Energy Group (NYSE: WEC) to $95.00 (from $94.00) while maintaining a Neutral rating.

The analyst commented, "We are raising our 2021-23 EPS estimates modestly following the company's 2Q21 earnings call and revised 2021 EPS guidance. We are also introducing our 2024 EPS estimate at $4.87. As expected, the PSCW approved a "Stay Out" agreement filed jointly by WEC's Wisconsin electric and gas utilities (~53% of consolidated earnings) to defer its biennial rate case by one year. WEC is also awaiting commission final decisions for its smaller gas utilities in IL and MI (together < 5% of earnings). We remain Neutral-rated on WEC shares and update our PT to $95 (previously $94) based on our revised earnings estimates and current market multiples."

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