Goldman Sachs Reiterates Neutral Rating on WEC Energy Group, Citing Mixed Near-Term Prospects

Goldman Sachs analysts reaffirmed a Neutral rating with a $90 price target for WEC Energy Group (NYSE:WEC) stock. Following WEC Energy Group's second-quarter 2024 results, the analysts expressed cautious optimism about potential capital expenditure increases in the I-94 corridor, expected to be detailed in the Fall update.

However, concerns remain over the company's near-term growth prospects, as significant load growth is not anticipated until 2026-2028. Additionally, WEC's exposure to a challenging regulatory environment in Illinois, where the company faces less favorable decisions from the Illinois Commerce Commission, also weighs on the outlook. The unchanged price target reflects an anticipated total return of approximately 5%.