Guggenheim analyst Shahriar Pourreza lowered the firm’s price target on Spire to $61 from $67 and keeps a Neutral rating on the shares after the company released guidance for 2023 in the middle of the trading day on Friday and was then unavailable for follow-up, both of which Pourreza considers "very anomalistic relative to best practices deployed by our 40+ company coverage universe." After reducing EPS forecasts to reflect company guidance, Pourreza "heavily debated whether to downgrade" the stock to Sell given that the updated guidance which was lower than Guggenheim and consensus and that the company’s below average disclosures "left more questions than answers," but ultimately maintained a Neutral stance, given valuation.
Published first on TheFly
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