Spire downgraded to Underperform at BofA following rebase of expectations

As previously reported, BofA analyst Julien Dumoulin-Smith downgraded Spire to Underperform from Neutral with a price target of $61, down from $78, following the recent "material" EPS guidance miss and rebase of expectations. The new 5-7% EPS compound annual growth rate guidance is off a FY22 base year that management had previously described as a "reset year," representing "one of the lowest historical profiles in the sector," Dumoulin-Smith tells investors.