KeyBanc lowered the firm’s price target on CenterPoint Energy to $31 from $33 and keeps an Overweight rating on the shares. The firm notes the company is dealing with the aftermath of storm Beryl, which resulted in unusually long outages in the Houston, TX service territory. While the storm occurred after the end of the quarter and won’t impact Q2 numbers, KeyBanc sees possible impacts on Q3 and 2024, if the company is forced to accelerate O&M during the summer to address the demands from the governor’s office. The company’s pending resilience plan and the GRC will likely be scrutinized more heavily as a result of the post-storm political fallout, the firm adds.
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