Evergy downgraded to Underperform from Outperform at Credit Suisse

Credit Suisse analyst Nicholas Campanella double downgraded Evergy to Underperform from Outperform with a price target of $57, down from $61. The analyst sees “several headwinds” to the company’s 6%- 8% annual earnings growth target following the Missouri rate review outcome and “mounting” inflationary headwinds. Higher interest rates will hold back the shares “relative re-rating potential” through 2023, Campanella tells investors in a research note. The analyst says Evergy management will now have to navigate multiple rate cases in Kansas and Missouri in 2023, which he sees resulting in an overhang on the stock. Investors will be less willing to see through rate filing risk after the negative Missouri rate outcome this past December, contends Campanella.

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