Morgan Stanley analyst Stephen Byrd said the resignations in the past two weeks of two Exelon executives, both involved in the company's regulated utility in Illinois, ComEd, and coincident in time with a federal investigation of various persons in Illinois are "concerning," though he would emphasize that there is no evidence of any wrongdoing among any of Exelon's employees at this point. If Exelon executives are ultimately found to have committed wrongdoing, he sees risks that include a loss of institutional investor support, a degradation in the company's relationship with Illinois legislators and regulators, and potential for it to effectively preempt legislation Byrd thinks might add value to the company's nuclear assets. However, given the upside he sees even without new Illinois legislation, Byrd keeps an Overweight rating on Exelon shares.