Wells Fargo upgrades ‘reasonably priced’ NorthWestern Energy to Overweight

As previously reported, Wells Fargo analyst Jonathan Reeder upgraded NorthWestern Energy to Overweight from Equal Weight with a price target of $51, down from $59. The firm’s P/E discount to regulated electrics reflects the small cap’s wildfire risk, a “below average execution track record” and an EPS CAGR at the low end of the group’s 5%-7% range, but this is partially offset by no equity needs through 2027, says the analyst, who views the shares as “reasonably priced.”