MGE Energy (MGEE) Gets Price Target Boost from Morgan Stanley as Utilities Show Strength

MGE Energy, Inc. (NASDAQ:MGEE) is included among the Dividend Kings and Aristocrats List: 32 Biggest Stocks.

On March 23, Morgan Stanley raised its price recommendation on MGE Energy, Inc. (NASDAQ:MGEE) to $79 from $77. It reiterated an Underweight rating on the shares. The analyst said the firm is updating price targets across regulated and diversified utilities and IPPs in North America under its coverage. In February, utilities outperformed the S&P’s return. The firm also noted that recent conversations in the sector were broadly constructive. Companies pointed to growth opportunities, showed optimism around load growth, and talked about signing deals with data centers.

Madison Gas and Electric, the subsidiary of MGEE, is working toward a more sustainable future for its investors, employees, customers, and the wider community. The company is aiming for net-zero carbon electricity by 2050. It has already been moving in that direction. Earlier, it set a goal to cut carbon emissions by at least 80% by 2050 compared to 2005 levels.

The Intergovernmental Panel on Climate Change’s October 2018 Special Report on limiting global warming to 1.5°C focuses on reducing emissions from electricity generation, improving energy efficiency, and shifting other energy uses, including transportation, toward electrification. These are the same areas MGE is focusing on as it works toward its net-zero target.

MGE Energy, Inc. (NASDAQ:MGEE) operates as a public utility holding company. Its business includes regulated electric and gas utilities, nonregulated energy operations, transmission investments, and other related activities.

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