Mizuho Securities Starts WEC Energy Group (WEC) at Neutral
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Mizuho Securities analyst Anthony Crowdell initiates coverage on WEC Energy Group (NYSE: WEC) with a Neutral rating and a price target of $94.00.
The analyst comments "We expect WEC to grow its asset base by 7% annually over the next few years, which will lead to earnings growth of ~6.8% annually through 2023 off the midpoint of the 2020 guidance of $3.73. We view the company as a pure-play regulated utility that operates in premium regulatory jurisdictions. However, we believe its shares are fairly valued, given WEC is trading at a ~17% P/E premium to the electric utility group."
Shares of WEC Energy Group closed at $93.42 yesterday.
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