As previously reported, BofA analyst Ross Fowler upgraded Southwest Gas (SWX) to Neutral from Underperform with a price target of $74, up from $69. The firm, which sees a balanced risk/reward profile with initial monetization action taken to reduce the overhang from the pending Centuri (CTRI) separation, also cites an improving view of the regulatory construct in Arizona. Southwest completed a 9M share secondary offering of a portion of their ownership in Centuri, along with a $50M private placement of shares to Icahn Investors, notes the firm, whose calculations show Southwest receiving about $225M in net proceeds from the offerings, taking care of 2025-2026 equity needs.

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• Southwest Gas upgraded to Neutral from Underperform at BofA

• Southwest Gas Completes Share Offering and Private Placement

• Centuri files to sell 9M shares of common stock for holders

• Southwest Gas to offer 9M shares of Centuri common stock

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