Black Hills initiated with an Outperform at BMO Capital

BMO Capital initiated coverage of Black Hills (BKH) with an Outperform rating and $68 price target The firm believes the shares are “excessively discounted” at current levels, trading at a20%-21% discount to peers “despite possessing many of the traits we expect to drive outperformance.” Black Hills offers an attractive relative valuation, a regulated focused growth strategy, strong balance sheet, above average rate base growth, and possible upside leverage for capital spending, the analyst tells investors in a research note.