Mizuho Reaffirms Buy Rating on Evergy Amid Favorable Kansas Regulatory Outlook

Evergy, Inc. (NASDAQ:EVRG) ranks among the top stocks for an early retirement portfolio. On June 10, Mizuho Securities reiterated its Outperform rating and $70 price target for Evergy, Inc. (NASDAQ:EVRG), maintaining its optimistic outlook. The backing follows recent events in a rate case involving Evergy subsidiary Kansas Central. The testimony of the Kansas Corporation Commission (KCC) Staff, which suggested a revenue requirement of roughly 58% of Kansas Central’s sought amount, has been positively viewed by Mizuho analysts.

Mizuho Reaffirms Buy Rating on Evergy Amid Favorable Kansas Regulatory Outlook

Based on a 9.70% return on equity, the KCC Staff’s proposal calls for about $114 million in revenue, which falls short of Kansas Central’s request for a 10.50% ROE. Furthermore, the rate base of $6.78 billion is somewhat higher than the company’s $6.73 billion proposal. These suggestions, according to Mizuho’s analysts, are indicative of favorable regulatory changes in Kansas, which may be encouraging for Evergy.

Evergy, Inc. (NASDAQ:EVRG), formed in 2018 from the merger of Great Plains Energy and Westar Energy, provides 16,000 megawatts of generating capacity across more than 40 power plants, serving 1.7 million customers in Kansas and Missouri.

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