WEC Energy Group (WEC) PT Raised to $90 at BMO Capital

BMO Capital analyst James Thalacker raised the price target on WEC Energy Group (NYSE: WEC) to $90.00 (from $89.00) while maintaining a Market Perform rating.

The analyst commented, "WEC reported 1Q24 EPS of $1.97 vs our $1.90 estimate and consensus of $1.91 and the company’s revised guidance of $1.89-1.91. That being said, results were consistent with the original $1.96-2.00 guidance range. Overall, we viewed the 1Q24 results and updates on today’s call as in line. Year-over-year results increased ~22% (+$0.36) over 1Q23. Management also reaffirmed the company’s long-term 6.5-7% EPS growth rate and 65-70% dividend payout. We remain Market Perform rated. Our target price moves to $90 as we mark-to-mark our peer group multiples."

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