WEC Energy price target lowered to $90 from $104 at Wells Fargo

Wells Fargo lowered the firm’s price target on WEC Energy to $90 from $104 on materially lower peer multiples as a result of rising rates, while keeping an Overweight rating on the shares. The firm notes that WEC’s capex refresh was robust, and thinks there could be more to come based on economic development and electrification trends.