Wells Fargo downgrades Atmos Energy to Equal Weight following strong performance

As previously reported, Wells Fargo downgraded Atmos Energy to Equal Weight from Overweight with a price target of $128, down from $132, following strong year-to-date performance. With shares trading at 18% price-to-earnings premiums to LDC peers, the firm is moving to the sidelines. Wells continues to like Atmos Energy’s story and would look to be more constructive on relative pullbacks.