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Fly News Breaks for February 2, 2018
ES
Feb 2, 2018 | 09:30 EDT
As previously reported, Janney Capital analyst Michael Gaugler downgraded Eversource to Neutral from Buy after a New Hampshire committee voted against the Northern Pass Transmission project. The news was "extremely disappointing," especially given the lengths Eversource Energy went to gain approval, including additional costs to bury most of the line and significant concessions to various interested parties, said Gaugler. Given the doubt about the project's future, he expects the shares to trade at a discount to the peer group and lowered his fair value estimate on Eversource shares to $60.