WEC Energy price target lowered to $117 from $124 at Wells Fargo

Wells Fargo analyst Shahriar Pourreza lowered the firm’s price target on WEC Energy (WEC) to $117 from $124 and keeps an Overweight rating on the shares. The firm is updating its valuation methodology and rolling forward to 2028. Wells notes WEC remains in its high-quality bucket given tailwinds at its back and has emerged as a top data center beneficiary given WI has become a hot spot for data center development, with incremental opportunities forthcoming that would be accretive to its current plan.