BofA analyst Julien Dumoulin-Smith lowered the firm’s price target on Black Hills to $49 from $60 and keeps an Underperform rating on the shares. The firm reduced its 2023-28 five-year EPS CAGR to 3%, versus consensus of 5.2% through 2027, as the firm sees several headwinds to EPS CAGR through 2028, including higher refinancing, base case equity dilution and incremental equity dilution to fund upside capex from new clean generation after mid-decade.
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