1、 BofA Securities does and seeks to do business with issuers covered in its research reports.As a result,investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.Investors should consider this report as only a single factor in making the

2、ir investment decision.Refer to important disclosures on page 10 to 14.Analyst Certification on page 9.Price Objective Basis/Risk on page 8.12852582 US Power&Utilities Watts the number?2Q25 Preview for Avista,Black Hills and PPL Price Objective Change We preview a group of regulated utilities headin

3、g into 2Q25 earnings reports.AVA:PO$36 from$38;FY25/26/27 EPS est.updated We reiterate our Underperform rating on Avista Corporation(AVA).With below average EPS growth prospects(4%-6%guide),less constructive regulatory jurisdictions,and large regulatory lag,we see better buying opportunities elsewhe

4、re in the SMID-cap space.On the 2Q25 call,we expect management to touch on load growth opportunities,regulatory strategy,the recently filed IRP and related draft RFPs,and any incremental related capex.We adjust our FY25/26/27 estimates heading into 2Q25 after updating our model for 1Q25 actuals.We n

5、ow forecast FY25/26/27 EPS of$2.57/$2.68/$2.80 vs$2.59/$2.72/$2.84 prior.Our 2Q25 EPS estimate is 27c versus 30c consensus.We lower our PO to$36 from$38,implying 4%price downside and 1%total shareholder return.BKH:PO to$56 from$59;FY25/26/27 EPS est.unchanged We reiterate our Underperform rating on

6、multi-state electric and gas utility Black Hills Corporation(BKH)given the weaker relative EPS growth rate compared to peers that in large part relies on successful regulatory outcomes across multiple jurisdictions.On the 2Q25 call,we expect management to touch on regulatory updates across their ser