Spire upgraded to Outperform from Neutral at Mizuho

Mizuho analyst Gabriel Moreen upgraded Spire (SR) to Outperform from Neutral with a price target of $76, up from $65. The firm believes the Street has not yet effectively incorporated the impact of Spire’s 2025 rate case, which should go into effect in early fiscal 2026. Spire Missouri has earned an average annual return on equity of 6.6% the past three years, as compared with an average of 9.3% in the preceding three years, the analyst tells investors in a research note. Mizuho says that if the subsidiary can earn 8.1% as its estimates imply, it would rebase Missouri growth to a 30% year-over-year net income increase into fiscal 2026. It cites the Missouri rate case for the upgrade.