Spire price target raised to $73 from $72 at Wells Fargo

Wells Fargo raised the firm’s price target on Spire to $73 from $72 and keeps an Equal Weight rating on the shares ahead of the busy Q3/EEI season. Following a rough 2024, the firm has been expecting a rebound into both 2025 and 2026. Wells’ 2025 EPS of $4.55 represents an 8% year-over-year increase driven by an assumed return to normal weather, cost initiatives and the storage expansion project along with ongoing ISRS revenue and AL growth. That said, with ongoing interest expense pressure and regulatory lag in MO, the firm harbors concerns that the 2025 guide could come in light of expectations.