NorthWestern Energy upgraded to Overweight from Underweight at Barclays

Barclays double upgraded NorthWestern Energy (NWE) to Overweight from Underweight with a price target of $56, up from $53. The company’s announcement of a 50MW data-center customer in 2027 “provides multiple positives” to NorthWestern’s fundamental setup, including an improved earnings trajectory, reduction in regulatory lag, and improved affordability, the analyst tells investors in a research note. The firm calls NorthWestern the “cheapest” Smid-cap in the utilities group. The shares are potentially undervalued relative to the company’s “de-risking initiatives and potentially improving earnings trajectory in the pipeline,” contends Barclays.