NWN - Northwest Natural upped at BofA on reduced risk from Oregon rate case

Northwest Natural (NYSE:NWN) +3.2% in Tuesday's trading after Bank of America upgraded shares to Neutral from Underperform with a $53 price target, up from $51, seeing reduced downside from the Oregon rate case as well as a balanced risk/reward profile at current valuation. BofA's Julien Dumoulin-Smith said the stock now trades in-line to a slight premium to gas peers, which he said is far from the historic 2x-3x premium seen in H2 2020 and FY 2021. The analyst also said regulatory challenges seen in Oregon seem to be specific to Portland General Electric, while Northwest Natural (NWN) was not overearning in any of the test years where deferrals were made, and notes potential upside driven by further expansion into unregulated renewable natural gas and water. Northwest Natural (NWN) offers moderate downside risk for the share price while meriting a buy rating for the dividend yield, Robert Honeywill writes in an

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Northwest Natural upped at BofA on reduced risk from Oregon rate case