Atmos Energy (ATO) PT Raised to $163 at Citi

Citi analyst Ryan Levine raised the price target on Atmos Energy (NYSE: ATO) to $163.00 (from $148.00) while maintaining a Neutral rating.

The analyst comments "We are raising our PT to reflect our constructive meeting with the Texas RRC Chair, recent widening gas spreads, increased FY25 guide from $7.15-$7.25 to $7.20-$7.30, outperformance at APT, rate progress, and growth in Texas. Regulatory Tracker, Capitalization from Cloud Computing — Capitalizing on cloud computing, a first in TX, was introduced in the GRC which could set precent for other jurisdictions. TX rate case also included authorization of a $3.5B regulatory asset tracker for SSIR related spend post June 2024. Mid-Texas consolidated case (15% of Mid-Tex customers) was filed with the same rate structure with expected decision on June 10. APT 2024 rate filings for $77.2M also expects decision by June 10."

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