Growth ExpectationsThe neutral thesis reflects a view that WEC appears fairly valued at current levels, with growth expectations for high-quality peers now in line with WEC.
Regulatory ChallengesRegulatory proceedings in Illinois continue to be challenging, though they have a diminishing impact on WEC's overall results.
Valuation ConcernsWEC shares are currently trading at a 5-6% premium compared to peers, which may limit further valuation growth despite strong execution and regulatory successes.