Mizuho analyst Anthony Crowdell upgraded Black Hills to Neutral from Underperform with an unchanged price target of $53. The company’s balance sheet has improved considerably over the past year and Black Hills operates in some of the more constructive natural gas jurisdictions in the U.S., the analyst tells investors in a research note. As such, the firm believes Black Hills will benefit in the regulatory arena as it files three rate cases per year across its service territories going forward.
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