WEC Energy Group (WEC) Price Target Increased on ‘Strong Momentum’ in Wisconsin

WEC Energy Group, Inc. (NYSE:WEC) is included among the 15 Utility Stocks with Highest Dividends.

WEC Energy Group, Inc. (NYSE:WEC) provides regulated natural gas and electricity, and renewable and nonregulated renewable energy services in the United States.

On March 24, Barclays analyst Nicholas Campanella slightly raised the firm’s price target on WEC Energy Group, Inc. (NYSE:WEC) from $110 to $111, while keeping an ‘Equal Weight’ rating on the shares. The revised target comes after the analyst firm hosted meetings with the company management. Barclays expects the ‘strong momentum’ on large loads in Wisconsin to drive further asset base revisions.

Earlier this year, Microsoft received approval to build 15 more data centers in Wisconsin, with the expansion bringing WEC’s demand forecast in the area to 2.6 gigawatts by 2030. Similarly, Vantage Data Centers is also adding to the energy demand on the utility’s turf, with the developer signing deals to build data centers for Oracle and OpenAI. As a result, WEC Energy Group, Inc. (NYSE:WEC) announced in its last earnings call that it would increase its capital spending by $1 billion over the next five years to cater to the growing energy needs.

WEC Energy Group, Inc. (NYSE:WEC) was also recently included in our list of the 10 Best Stocks to Invest in During a Recession.

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