Avista initiated with a Hold at Jefferies

Jefferies analyst Julien Dumoulin-Smith initiated coverage of Avista (AVA) with a Hold rating and $40 price target Avista is “an ROE improvement story,” with 2025-2026 growth predicated on rate relief, but the firm does not see value given a “modest” 5% EPS compound annual growth rate and need to demonstrate execution of an earned ROE step-up, the analyst tells investors.