BofA Securities Starts MGE Energy (MGEE) at Neutral
BofA Securities analyst Ross Fowler initiates coverage on MGE Energy (NASDAQ: MGEE) with a Neutral rating and a price target of $76.00.
The analyst comments "We initiate coverage of MGEE at Neutral with a $76 price objective. The company combines regulated electric and gas utilities, leased generation and a minority investment in American Transmission Company. This differentiated mix provides earnings visibility, diversification and multiple growth avenues. MGEE trades at an approximately 15% premium to the UTY Utility Index, in our view, already reflecting much of the company’s quality and growth outlook."
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Shares of MGE Energy closed at $70.86 yesterday.