** Shares of natural gas company Spire rise as much as 2.2% to $67

** Brokerage Mizuho Securities upgrades stock to "outperform" from "neutral", raises PT to $76 from $65

** Brokerage says that Wall Street has not yet factored in the impact of a pending rate case for SR, with its effects expected to commence in early fiscal year 2026

** SR subsidiary Spire Missouri, in late November, filed a rate case with Missouri Public Service Commission to change rates of its utility products

** Although it is in early days, the case has the potential to correct company's severe underearning in recent years by addressing ineffective weather normalization mechanisms and costs of capital - brokerage

** Mizuho Securities has a positive outlook due to the appointment of a new Chair at the PSC, the possibility of lower customer bills due to decreased gas costs and favourable outcomes at peer Missouri utilities

** Two of eleven brokerages rate the stock "buy", eight "hold" and one "strong sell"; with a median PT of $73

** Including session moves, stock up 6.5% YTD

(Reporting by Neil J Kanatt in Bengaluru)

((Neil.JKanatt@thomsonreuters.com;))