Spire downgraded to Neutral from Overweight at JPMorgan

JPMorgan analyst Richard Sunderland downgraded Spire to Neutral from Overweight with a price target of $69, down from $75. The company’s 2023 guidance and implied forward earnings power landed well short of expectations, says the analyst, who lowered 2023 and 2024 earnings estimates by 4% and 7%, respectively. A premium valuation for Spire is difficult to justify given the company’s Missouri regulatory exposure, below average implied 2023-2025 growth, and "inconsistent" growth track record over the past five years, Sunderland tells investors in a research note.