WEC Energy downgraded to Underweight from Neutral at JPMorgan

JPMorgan downgraded WEC Energy to Underweight from Neutral with a price target of $84, down from $90. The analyst cites the company’s exposure to Illinois gas regulatory and policy risk and uncertainty from Public Service Commission of Wisconsin turnover in a rate case year for the downgrade. The firm anticipates these items will weigh on the name throughout 2024, with WEC’s current premium “largely capping upside at this juncture.” It sees the aggregate level of open questions presenting overall downside risks.