** KeyBanc Capital Markets says it remains positive for utilities in 2025, but sees some headwinds for the sector
** Brokerage concerned with "inflation stagnating at above-target levels and potentially accelerating from here due to widely inflationary policies favored by the incoming administration"
** However, KeyBanc expects the load growth trend, driven by the data economy and reshoring of manufacturing, to offset these headwinds
** Expects regulatory risk to remain subdued in 2025, with states like Oregon, Texas, Ohio and Arizona, offering potential catalysts for incumbent utilities
** KeyBanc adds FERC proceedings will "continue to draw investor attention during 2025, particularly as the tension between nuclear operators and independent power producers continues to mount"
** Brokerage downgrades DTE Energy DTE.N and Entergy ETR.N to "sector weight"; upgrades Pinnacle West PNW.N to "overweight"
KeyBanc changes PT on the following firms:
Company | New PT | Old PT | Upside to stock's last close |
FirstEnergy FE.N | $47 | $48 | 14% |
WEC Energy WEC.N | $109 | $108 | 11% |
Xcel Energy XEL.O | $79 | $74 | 11% |
Portland Electric POR.N | $51 | $52 | 8% |
Pinnacle West PNW.N | $101 | NA | 11% |
(Reporting by Pooja Menon in Bengaluru)
((Pooja.Menon@thomsonreuters.com;))
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