WEC Energy initiated with a Neutral at Goldman Sachs

Goldman Sachs analyst Carly Davenport initiated coverage of WEC Energy with a Neutral rating and $88 price target. The firm applies a P/E multiple premium to reflect WEC’s “thematic exposure and strong execution around earnings and dividend growth,” but in the near term it sees less compelling earnings growth relative to peers, regulatory headwinds at WEC’s Illinois segment, and a “less attractive valuation” weighing on share performance this year.