Spire reinstated with a Neutral at BofA

BofA reinstated coverage of Spire (SR) with a Neutral rating and $70 price target Spire, the fifth-largest publicly traded natural gas company, also has a midstream segment including a pipeline and storage businesses and a gas marketing division, the analyst noted. While Spire expects to generate rate base growth of 7-8% through the five-year planning period, it is facing headwinds from financing costs and has below average long-term EPS growth prospects, the analyst tells investors.