Bank of America Securities analyst Ross Fowler has maintained their bullish stance on EVRG stock, giving a Buy rating yesterday.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Ross Fowler has given his Buy rating due to a combination of factors surrounding Evergy’s recent developments. The company has reached a unanimous settlement agreement on its Kansas Large Load Power Service (LLPS) Rate Plan, which involves Evergy, the Kansas Corporation Commission staff, consumer advocates, and datacenter developers. This agreement is seen as a positive step towards an improved regulatory environment in Kansas, which is crucial for Evergy’s operations.
Furthermore, the LLPS Rate Plan includes provisions that reduce the risk of stranded assets by implementing a minimum 12-year service term and a minimum monthly bill obligation. These measures ensure financial stability and predictability for both Evergy and its customers. The settlement also proposes modestly higher costs for large loads, which could potentially enhance Evergy’s revenue. Overall, the constructive nature of the settlement is expected to streamline negotiations with large-scale customers, benefiting all parties involved and supporting Evergy’s growth prospects.
In another report released yesterday, TR | OpenAI – 4o also reiterated a Buy rating on the stock with a $79.00 price target.
EVRG’s price has also changed slightly for the past six months – from $67.260 to $72.500, which is a 7.79% increase.