JPMorgan analyst Christopher Turnure raised his price target for Evergy (EVRG) to $76 from $72 and keeps an Overweight rating on the shares. The analyst's work shows a "reasonable basis" for an Evergy combination at a mid-20's price-to-earnings multiple driving long-dated accretion for NextEra Energy (NEE), and potentially Ameren (AEE) or WEC Energy (WEC). The analyst views a full transaction as the only way to drive the "broad change necessary" for Evergy upside, and he does not see corporate governance, cost savings or capex opportunity as being primary constraints. However, Turnure does expect the KS stakeholder engagement process to potentially take a long time and face entrenched opposition.

BMO Capital raised the firm's price target on NextEra Energy to $72 from $70 and keeps an Outperform rating on the shares after its Q1 earnings beat. The company's 2.765 MWs of originations, net 1.5 GWs added to NEER's backlog, and positive outlook for robust data center-related demand drove the outperformance on the day, the analyst tells investors in a research note. The stock warrants a premium valuation given its fundamental and thematic drivers, including one of the world's largest renewable backlogs and favorable recovery of investments, the firm added.