Stifel cuts Spire to Hold from Buy on valuation

As previously reported, Stifel analyst Selman Akyol downgraded Spire to Hold from Buy with a price target of $75, up from $73. The company reported "strong" Q1 earnings results, which were above the firm’s estimates, and raised its FY23 EPS guidance while keeping its long term growth targets unchanged. However, the analyst downgraded the stock to Hold, believing Spire’s current valuation reflects its performance, and stating that investors should wait for a better entry point.