- Mizuho Securities analyst Anthony Crowdell upgraded WEC Energy Group Inc (NYSE:WEC) to Buy from Neutral at a price target of $98.
- The analyst thinks the ongoing WI regulatory concerns are overblown as the company has resolved most of its WI filings early this year and now covers WI utilities through 2024.
- Also, Crowdell cites the ICC staff testimony in the People’s Gas (PGL) and North Shore Gas (NSG) cases, published this month, as constructive. The analyst sees a revenue recommendation of around 88% of WEC’s initial request and an ROE of 9.83% (vs 9.90 requested by PGL and NSG) as the favorable outcome of the case.
- Despite a challenging hearing on WEC’s multi-party case settlement in December 2022, the analyst believes the company’s WI utilities are permitted above-average ROE of 9.80%, along with a higher authorized equity ratio of 53.0% (vs. 52.5% earlier).
- This month, WEC reported Q1 2023 revenues of $2.89 billion, down from $2.91 billion, beating the consensus of $2.85 billion and EPS of $1.61, surpassing the consensus of $1.59.
- The analyst reiterated the EPS estimate of $4.62 for 2023, $4.90 for 2024 and $5.24 for 2025, with forecast rate base growth and EPS growth of around 7% and 6.7%, respectively, through 2025.
- Price Action: WEC shares are trading lower by 0.31% at $88.99 on the last check Thursday.
CarLotz Q3 EPS $(0.21) Down From $(0.03) YoY, Sales $50.80M Down From $68.04M YoY
CarLotz (NASDAQ:LOTZ) reported quarterly losses of $(0.21) per share. This is a 600 percent decrease over losses of $(0.03) per share from the same period last year. The company reported $50.80 million in sales this
