Wells Fargo downgraded CenterPoint Energy to Equal Weight from Overweight with a price target of $28, down from $32. The firm sees “no end in sight on the political backlash” to CenterPoint’s Hurricane Beryl response after the Texas attorney general announced an investigation. It will be difficult for shares to outperform over the next 6-12 months, the analyst tells investors in a research note. The firm says the Texas inquiry “piles on to the existing overhang” related to the PUCT investigation, pending rate case and future recovery of $1.6-1$.8B of 2024 storm costs.
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