Sempra Energy (SRE) PT Raised to $93 at BMO Capital

BMO Capital analyst James Thalacker raised the price target on Sempra Energy (NYSE: SRE) to $93.00 (from $90.00) while maintaining a Outperform rating.

The analyst commented, "California's utilities underperformed yesterday after ALJ Lakey issued a proposed decision (PD) that included a change to the CPUC’s cost of capital mechanism (CCM) and effectively lowers all three utilities' 2025 ROE. The change to the CCM’s “adjustment ratio”, if adopted, would lower both SoCalGas and SDG&E’s ROE by 42bps, implying a $0.09/share or ~2% impact to our 2025 EPS estimate. We reiterate our Outperform rating and are raising our MTM SOTP target price to $93/ share. Our above-consensus 2024-2026 estimates remain unchanged at $4.90, $5.28, and $5.63, respectively."

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