Spire downgraded to Underperform from Neutral at BofA

BofA downgraded Spire (SR) to Underperform from Neutral with a price target of $76, down from $81. The firm sees limited near-term accretion from the company’s acquisition of Piedmont Natural Gas given the purchase multiples and financing uncertainty. The deal adds risk to Spire without near-term upside, the analyst tells investors in a research note.