Evergy, the Utilities sector company, was revisited by a Wall Street analyst today. Analyst Nicholas Campanella from Barclays maintained a Buy rating on the stock and has a $80.00 price target.
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Nicholas Campanella has given his Buy rating due to a combination of factors that suggest a positive outlook for Evergy. The company is expected to provide updates on economic development and load growth, which are anticipated to be favorable. Additionally, Evergy’s regulatory environment appears to be de-risked, particularly with recent rate case orders and pending settlements in Kansas and Missouri, which could be viewed positively by the market.
Furthermore, Evergy has received approval for six new generation projects, and the potential for increased load growth guidance could lead to stock outperformance. The stock is currently trading at a slight discount compared to its large-cap electric peers, and there is potential for long-term growth that the market has not fully recognized. With these factors in mind, Campanella has increased the price target to $80 and maintains an overweight rating, reflecting confidence in Evergy’s future performance.