Sempra Energy initiated with an Outperform at Evercore ISI

Evercore ISI initiated coverage of Sempra Energy (SRE) with an Outperform rating and $105 price target The firm sees the company prioritizing investment in Sempra Texas as a positive for the shares over the next 12-18 months. The wildfire discount applied to Sempra given its California exposure “is overly burdensome,” especially as its service territory is less prone to catastrophic blazes relative to its California utility peers, the analyst tells investors in a research note.