Spire upgraded to Neutral at BofA as execution risk moderates

As previously reported, BofA analyst Ross Fowler upgraded Spire (SR) to Neutral from Underperform with a price target of $89, up from $76. The firm, which believes Spire is entering a rebasing phase for earnings driven by a more constructive regulatory environment in Missouri and the anticipated closing of the Tennessee gas LDC acquisition, views shares as modestly inexpensive relative to peers and expects the stock to perform in line with peers as execution risk moderates.