Citi analyst Praful Mehta believes momentum is building for Avangrid (AGR) after the company's 50% owned joint venture Vineyard Wind won the offshore wind auction in Massachusetts. The analyst estimates the win is worth 19c per share of earnings and $2.75 for the stock. Avangrid has a "very strong" renewables platform and today's win better positions the company to capitalize on the offshore wind opportunity in the U.S., Mehta tells investors in a research note. The analyst also views the win as a setback for Eversource (ES). He was optimistic the company would get at least a piece of the contract. Mehta has a Buy rating on Avangrid with a $58 price target.

Barclays raised the firm's price target on Eversource to $65 from $62 and keeps an Equal Weight rating on the shares as part of a Q1 preview for the utilities group. The analyst expects weaker quarter results for the sector due to "underwhelming" weather to start the year. However, the firm does not see many companies trending lower in the fiscal 2024 earnings range.