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Fly News Breaks for March 28, 2017
SO
Mar 28, 2017 | 06:06 EDT
Citi analyst Praful Mehta notes that according to Reuters, Westinghouse could file for bankruptcy as soon as today. If Westinghouse continues to work on Vogtle post filing the downside risk is limited, Mehta tells investors in a research note. He believes, however, that such a scenario is unlikely. Westinghouse is likely to walk away from Vogtle, which means Southern Company will need to either complete the project itself or find another contractor, the analyst adds. He believes that any new plan, which would need to be approved by regulators, will likely result in cost and time overruns. The analyst sees added uncertainty for Southern Company and keeps a Sell rating on the shares with a $44 price target.
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