Stifel Downgrades Spire (SR) to Hold on Valuation

Stifel analyst Selman Akyol downgraded Spire (NYSE: SR) from Buy to Hold with a price target of $75.00 (from $73.00).

The analyst comments "Spire posted 1Q23 results above our estimates due to outperformance in the marketing segment. SR increased its 2023 net economic earnings guidance by $0.10/share to a range of $4.15 to $4.35 but kept long term growth targets at previous levels of 5-7%. Major rate cases were completed in 2022, and we expect 2023 to be much quieter on the regulatory front. We continue to view Spire's ability to meet growth targets, generate cash through its marketing segment and expand midstream operations through its Wyoming storage expansion positively, but we believe current valuation reflects that and investors should wait for better entry points. Given its current valuation, we are downgrading our rating to Hold from Buy but raising our TP to $75.00 from $73.00."

For an analyst ratings summary and ratings history on Spire click here. For more ratings news on Spire click here.

Shares of Spire closed at $75.59 yesterday.

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