Evergy initiated with a Buy at Citi

Citi analyst Ryan Levine initiated coverage of Evergy with a Buy rating and $64 price target. This “pure play” regulated electric utility stands to benefit from favorable Kansas legislation which will allow 90% PISA treatment of capex and accelerate Kansas rate base growth, an accelerating outlook for load growth in the company’s service territories, and potential upside in Missouri over time given favorable regulatory environment, the analyst tells investors in a research note.