NWE - NorthWestern cut at Credit Suisse after recent rise

NorthWestern ([[NWE]] -1.2%) dips into the red after Credit Suisse downgrades shares to Neutral from Outperform with a $60 price target, citing valuation following the stock's 17% YTD run-up.Credit Suisse's Michael Weinstein expects NorthWestern's Q1 adjusted EPS of $1.13 vs. Q1's $1.06, driven by gross margin improvements and lower COVID-19 impacts, and anticipates an update on the RFP and selection of at least one self-build project with at least $200M of capex, and legislative and regulatory updates.South Dakota electric is likely to file in 2021 to add the planned plant at Huron into ratebase, Weinstein says.Longer-term, NorthWestern has guided for 4%-5%/year ratebase growth generating 3%-6% annualized EPS growth.NorthWestern's generation portfolio is mostly renewables, but the company's stock has not benefited as much from the run-up in renewables as some others, Power Hedge writes in a neutral analysis published on Seeking Alpha.

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NorthWestern cut at Credit Suisse after recent rise