WEC Energy downgraded to Sell from Neutral at Goldman Sachs

Goldman Sachs downgraded WEC Energy (WEC) to Sell from Neutral with a price target of $100, down from $106. The firm cites the stock’s outperformance over the past 12 months and on a year to date basis for the downgrade. The stock has outperformed this year in large part due to the market focus on defensive positioning, which is shifting, creating risk around WEC’s valuation, the analyst tells investors in a research note. Goldman believes WEC shares could underperform into its Q3 capital plan update if the company does not revise its earnings guidance higher.