Mizuho analyst Gabriel Moreen upgraded Spire (SR) to perform better from Neutral with a price target of $76, up from $65. The company believes that The Street has not yet effectively factored in the impact of Spire’s 2025 rate scenario, which should take effect in early fiscal 2026. Spire Missouri has delivered an average annual return on equity of 6.6% over the past three years, compared to an average of 9.3% over the previous three years, the analyst told investors in a research note. Mizuho says that if the subsidiary can earn 8.1%, as its estimates imply, it would scale back Missouri’s growth rate to a 30% annualized net income increase in fiscal 2026. For the upgrade, it cites the Missouri rate .
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