CenterPoint Energy price target raised to $34 from $28 at BMO Capital

BMO Capital raised the firm’s price target on CenterPoint Energy (CNP) to $34 from $28 and keeps a Market Perform rating on the shares. CERC and the settling parties on Tuesday filed a comprehensive settlement agreement with the Minnesota Public Utilities Commission in its gas rate case, which would grant CERC a two-step rate increase of about $60.8M in 2024 and an incremental increase of roughly $42.7M in 2025, the analyst tells investors in a research note. The black-box settlement proposes a 7.07% cost of capital vs. the company’s 7.52% request, the firm notes.