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Fly News Breaks for August 27, 2019
EXC
Aug 27, 2019 | 07:23 EDT
Morgan Stanley analyst Stephen Byrd upgraded Exelon to Overweight from Equal Weight with a $60 price target, which implies 32% upside plus a 3.2% yield. After backing out the utility, Exelon's shares price in no value for its 32 GW unregulated merchant fleet, which generates "strong" free cash flow, Byrd tells investors in a research note. Further, the analyst sees "free optionality" on legislation in Illinois, which he believes could add $4 per share. The market is mispricing Exelon's merchant generation business, ExGen, says Byrd, who believes the stock's underperformance relative to peers year-to-date is overdone and provides a good entry point.
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