WEC Energy price target lowered to $94 from $102 at KeyBanc

KeyBanc lowered the firm’s price target on WEC Energy to $94 from $102 to reflect the refreshed bond-implied “fair” price-to-earnings multiple of 14.1-times and a 1.0-time sector adjustment, while keeping an Overweight rating on the shares. The firm notes WEC is led by a strong management team that has demonstrated an ability to execute on plan and consistently deliver near the top of its guidance range. The WI regulatory jurisdiction has historically been constructive, and the state offers solid growth prospects. Given its operational execution and confidence in the narrow long-term growth rate, KeyBanc believes WEC continues to warrant the premium its trades at relative to peers.