BofA/Merrill analyst Julien Dumoulin-Smith downgraded Evergy to Underperform from Neutral with a $63 price target. The analyst cites a "greater uncertainty" related to the "recovery on and of capital" for a recently retired Sibley coal plant, noting that the terms of the closure likely prompted MPSC regulator to establish an "accounting tracker". Dumoulin-Smith adds that the perception of the Sibley closure impact being offset may be overly optimistic and further justifies the downgrade with the cost-cut driven rally in Evergy stock price over the past week.