Sempra Energy price target lowered to $174 from $180 at Wells Fargo

Wells Fargo lowered the firm’s price target on Sempra Energy to $174 from $180 and keeps an Overweight rating on the shares. The firm notes shares underperformed by about 125 bps as Sempra held the capex refresh for the Q1 call and grew the dividend by just 3.9%. Wells thinks the long-term growth picture remains robust, but would like to see a constructive outcome in TX to keep the positive momentum.