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Black Hills (NYSE: BKH) shares extended losses on Thursday after Mizuho downgraded to Underperform with a price tag of $60, -1.5% after falling 9% following the release of disappointing Q4 earnings, reduced guidance for 2023, and a long-term growth slowdown.
“With fluctuating gas prices, high interest rates, and forecasted price declines through 2024, we believe BKH will only earn ~2% Y/Y in 2024 and ~4% Y/Y in 2025,” insufficient weakness. praised by the Street, Mizuho wrote.
The company also downloaded Avista (NYSE: AVA) to Underperform with a $40 PT reflecting concerns about the financial headwinds affecting the SMID-cap space.
Shares are currently trading at a low for the energy group, and Mizuho said Wall Street is facing a steep price and interest rate hike for the company’s earnings in 2023.
Black Hills (BKH) was also downgraded by Bank of America and Scotiabank in recent days.
