Sempra Energy upgraded to Outperform from Market Perform at BMO Capital

BMO Capital upgraded Sempra Energy to Outperform from Market Perform with a price target of $84, up from $76. Into 2024, the analyst has a bias towards companies that have above-average rate base and earnings growth, constructive regulatory environments with multi-year clarity, solid balance sheets with manageable or no external equity needs and modest parent refinancing, and undemanding valuations with potential for multiple expansion. The firm believes Sempra checks all these boxes and sees upside catalysts over the course of 2024 to drive its relative outperformance.