Spire price target raised to $65 from $62 at Mizuho

Mizuho raised the firm’s price target on Spire (SR) to $65 from $62 and keeps a Neutral rating on the shares. Shares have underperformed the wider utility group and the firm attributes the underperformance to inconsistent execution as Spire cut FY24 adjusted EPS guidance with its fiscal Q3 update preceded by lower guidance at its Utility segment, which represents the core regulated business. The firm expects this issue to get worse before it improves and anticipates “muted” FY25 guidance before a Spire Missouri rate case can reinvigorate growth in FY26, the analyst tells investors.