Spire downgraded to Sell from Neutral at Ladenburg

Ladenburg analyst Paul Fremont downgraded Spire to Sell from Neutral with a price target of $60.50, down from $65.50. A whistleblower complaint alleges Spire regulatory staff were instructed to hide or dispose of documents related to Spire Missouri’s upcoming rate case request, and discloses the potential existence of an audio recording of the meeting, the analyst tells investors in a research note. The firm says the increased scrutiny ahead of a critical rate case where the company is seeking to improve a dysfunctional weather normalization mechanism increases regulatory uncertainty.