Sempra gains as Jefferies upgrades to 'buy'
SRE•Jefferies turns bullish on Sempra despite lower target
Shares of energy infrastructure firm Sempra SRE.N rise more than 1% to $82.67 premarket.
Jefferies upgrades stock to "buy" from "hold," but cuts its price target to $97 from $101.
The new price target still implies a 15% upside to the stock's last close.
The brokerage says SRE's investment plan is expected to remain intact despite opposition to transmission and data centers.
"Shares are overly discounted and should re-rate to a smaller discount in the next twelve months" - brokerage
16 of 20 analysts rate the stock "buy" or above, while 4 rate it "hold"; the median price target is $102, according to data compiled by LSEG.
As of the last close, the stock is down more than 7% year to date.
