Add as a preferred source on GoogleWells Fargo Raises NorthWestern Energy Rating, Price Target to $90.
The proposed merger with Black Hills would combine the utilities serving about 2.1 million customers in eight states.
Wells Fargo raised NorthWestern Energy's rating to Overweight from Equal Weight and its price target to $90 from $70.
NorthWestern Energy and Black Hills announced an all-stock, tax-free merger agreement in August 2025.
Under the proposal, Black Hills would issue 0.98 shares for each NorthWestern share. The companies valued the combined enterprise at $15.4 billion using their closing share prices on Aug. 18, 2025.
The merger was projected to create a utility serving roughly 2.1 million electric and natural gas customers in eight states. NorthWestern CEO Brian Bird said the combination would give the companies added scale and make the utility more financially resilient.
When they announced the deal, the companies projected a closing in late 2026 or early 2027.
John Kim
John Kim reports on the digital-asset business for TokenPost. Send corrections or tips to info@tokenpost.com.