WEC Energy downgraded to Neutral from Buy at BofA

BofA downgraded WEC Energy to Neutral from Buy with a price target of $86, down from $102. WEC has a “solid track record of executing,” but the firm sees 14c of refinancing impact by 2026 along with incremental equity dilution as offsetting higher capex to sustain, rather than raise, its EPR compound annual growth rate, the analyst tells investors. With shares up 5% year-to-date, BofA sees the current valuation reflecting the highest relative multiples for WEC’s core utilities in its sum-of-the-parts analysis, the analyst added.