Morgan Stanley downgraded Atmos Energy (ATO) to Equal Weight from Overweight with a price target of $172, down from $182, as part of its 2026 outlook for the utilities group. Utility share performance will be driven by data centers and growth upside in 2026 “with no slowing of activity or relief to grid tightness,” the analyst tells investors in a research note. Morgan Stanley recommends investors avoid political and regulatory risk, especially in an active election year.
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