Wells Fargo more bullish on Evergy, upgrades to Overweight

As previously reported, Wells Fargo analyst Sarah Akers upgraded Evergy to Overweight from Equal Weight with a price target of $60, up from $54. The firm is attracted to Evergy’s limited equity needs and double-digit price-to-earnings discount to Mid/Large Cap Utility peers as the company embarks on a regulatory recovery strategy. Further, Wells sees limited downside at the current discount, keeping in mind no equity needs through 2026 and a relatively quiet rate case calendar in 2024.