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SO

Southern Company

$46.89

-2.19 (-4.46%)

09:32
08/09/18
08/09
09:32
08/09/18
09:32

Barclays joins others in downgrading Southern Company on Vogtle risk

Barclays analyst Eric Beaumont downgraded Southern Company to Equal Weight from Overweight and lowered his price target for the shares to $48 from $51. The company when reported Q2 increased its cost estimate for Vogtle by $700M, established a contingency reserve of $400M, recorded a pre-tax charge of $1.1B and announced the need for $800M of additional equity, Beaumont tells investors in a research note. The analyst adjusted his estimates to reflect dilution from the additional equity and cut his price target to reflect the near-term risk profile of the Vogtle project. Vogtle risk skews to the negative in the short term on the ownership vote and VCM 19 filing, Beaumont contends. Three other firms downgraded Southern Company this morning.

SO Southern Company
$46.89

-2.19 (-4.46%)

08/09/18
EVER
08/09/18
DOWNGRADE
Target $46
EVER
Underperform
Southern Company downgraded to Underperform from In Line at Evercore ISI
Evercore ISI analyst Greg Gordon downgraded Southern Company to Underperform from In Line as he believes the shares are still not discounting enough risk after the company announced a $790M after-tax charge related to an increase in the cost estimate for constructing Vogtle Nuclear Plants 3 and 4. Total costs for Southern's 45.7% share of the Vogtle project are now $8.4B, compared to the $7.3B approved by the Georgia PSC when they approved the financial conditions for moving forward at the end of 2017, noted Gordon, who believes the risk of further cost escalations or a project cancellation are not fully reflected in Southern shares even after yesterday's pullback. He lowered his price target on Southern shares to $46 from $46.75.
08/09/18
08/09/18
DOWNGRADE
Target $47

Neutral
Southern Company downgraded to Neutral on Vogtle risk at Guggenheim
As previously reported, Guggenheim analyst Shahriar Pourreza downgraded Southern Company to Neutral from Buy citing the increased costs and risks associated with its Vogtle nuclear project. The risk related to Vogtle is not diminishing and the situation is becoming "increasingly binary," Pourreza tells investors. Pourreza lowered the firm's price target on the stock to $47 from $50. The Fly notes that Southern Company shares have been downgraded by no less than five firms over yesterday and today.
08/09/18
FBCO
08/09/18
DOWNGRADE
Target $43
FBCO
Underperform
Southern Company downgraded to Underperform from Neutral at Credit Suisse
Credit Suisse analyst Michael Weinstein downgraded Southern Company to Underperform from Neutral as labor crunch at Vogtle was previewed, but the costs are much higher and sooner than he anticipated. The analyst also lowered his price target on the shares to $43 from $46.
08/09/18
LEHM
08/09/18
DOWNGRADE
Target $48
LEHM
Equal Weight
Southern Company downgraded to Equal Weight from Overweight at Barclays
Barclays analyst Eric Beaumont downgraded Southern Company to Equal Weight and lowed his price target for the shares to $48 from $51.

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