Evergy initiated with an Outperform at Mizuho

Mizuho initiated coverage of Evergy (EVRG) with an Outperform rating and $67 price target The shares currently trade at a 12% price-to-earnings discount to the electric utilities group, and can re-rate to a low-single-digit discount in the near-term and potentially an in-line multiple in the long term, the analyst tells investors in a research note. Evergy can find capital investment opportunities to grow rate base and earnings in line with peers, and Kansas’ utility regulation continues to improve, says the firm.