Citi lowered the firm’s price target on Sempra Energy (SRE) to $70 from $93 and keeps a Neutral rating on the shares. The firm also opened a “90-day upside catalyst watch” on the shares. Citi is more positive on California utilities given its cost of capital mechanism, load decoupling, and the Z factor attribute that it believes minimizes capex recovery risk. The analyst thinks Sempra’s setup is positive into the next few months following the recent selloff.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on SRE:
- Strategic Divestments and Utility Focus: Justifying Sempra Energy’s Buy Rating
- Sempra Energy price target raised to $86 from $85 at Morgan Stanley
- Sempra Energy CAO Wall sells 8,192 common shares
- Sempra Energy downgraded to Hold at Argus with 2025 seen as ‘rebuilding period’
- Sempra Energy downgraded to Hold from Buy at Argus