BMO Capital analysts increased the price target for WEC Energy Group (NYSE:WEC) to $104 from $97 while maintaining a Market Perform rating on the stock. The update followed a reassessment of the company’s 2024-2028 forecast, reflecting updated capital and financing plans along with developments in the Wisconsin rate cases.
The revised projections indicated a compound annual growth rate (CAGR) of approximately 6.8% for earnings per share (EPS), based on the company’s initial 2023 EPS midpoint of $4.60. This growth outlook aligned with WEC Energy’s long-term target of 6.5%-7.0% EPS growth.
The analysts highlighted above-trend growth expected in 2025, positioning the company to return to its projected range after navigating challenges anticipated in 2024. This forecast underscored the company’s resilience and commitment to delivering consistent returns over the forecast period.