Barclays upgraded WEC Energy (WEC) to Equal Weight from Underweight with a price target of $93, up from $89. The firm maintains a positive sector outlook for power and utilities into 2025. The analyst sees WEC Energy’s recent fiscal 2025 earnings guidance introduction as in line with the company’s long-term 6.5% growth average, with limited negative catalysts ahead for the shares in 2025 given no material rate case risk. However, the shares currently trade at an “elevated premium valuation,” the analyst tells investors in a research note.
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