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Fly News Breaks for February 3, 2020
Feb 3, 2020 | 08:38 EDT
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.
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