WEC Energy upgraded, Avangrid cut at KeyBanc as values 'misaligned'

Jun. 27, 2022 3:28 PM ETWEC Energy Group, Inc. (WEC), AGRBy: Carl Surran, SA News Editor

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WEC Energy (NYSE:WEC) +1.9% in Monday's trading as KeyBanc upgrades shares to Overweight from Sector Weight with a $104 price target, saying it has seen "relative value dislocation" with the stock now at an attractive entry point.

KeyBanc's Sophie Karp believes WEC Energy (WEC) is one of the best run utilities and "will continue to benefit from strong execution, positive regulatory outcomes and a diversified underlying economy in Wisconsin."

Karp notes Wisconsin has been an "above-average regulatory environment, with constructive outcomes."

At the same time, KeyBanc cuts Avangrid (NYSE:AGR) to Underweight from Sector Weight with a $40 price target, saying the shares are trading at a sector-high multiple which is "misaligned with the underlying fundamentals and outlook" of other names in the group.

WEC Energy (WEC) recently was profiled by Seeking Alpha contributor Steven Cress as one of "three recession resilient dividend stocks."

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