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SO

Southern Company

$43.82

-0.19 (-0.43%)

07:39
09/25/18
09/25
07:39
09/25/18
07:39

Three of four Vogtle co-owners vote to move forward with construction

Three of the four Vogtle co-owners - representing 70% of the ownership - have voted in favor of moving forward with completion of the project. In contrast to the decision made by the other three co-owners, Oglethorpe Power has asked for an extension and demanded concessions to avoid obligations that it undertook when it became an owner of the project. All of the remaining co-owners have agreed to the extension in order to allow Oglethorpe Power more time to consider its vote. Vogtle 3 & 4 is the largest jobs-producing construction project in Georgia, employing more than 7,000 workers, and will be a 60-80 year asset delivering affordable, carbon-free energy to the state, which Oglethorpe Power recognized in statements to the Georgia Public Service Commission less than a year ago. The project will be canceled to the detriment of the citizens of Georgia if Oglethorpe Power does not vote to move forward under the current ownership structure. "Last year, all four of the project co-owners presented a unified recommendation to the PSC to continue construction of Vogtle 3 & 4 following Westinghouse's bankruptcy in 2017. At that time, all four of the project co-owners considered their own costs and fully acknowledged and accepted possible risks associated with continuing construction. This understanding was reaffirmed again last year when all four co-owners voted to continue construction. Despite this, in recent weeks Oglethorpe Power has continued to demand Southern Company shareholders and ultimately Georgia Power customers accept Oglethorpe's risk in the project even though all four co-owners fully understood and voluntarily accepted their own risks when they sought to become an owner at the project's inception. Even though Georgia Power is under no obligation to do so, the company provided several proposals to Oglethorpe Power to help give them additional financial support and certainty for their ratepayers. Instead of taking a long-term view, Oglethorpe Power is using the vote to try to burden others with its obligations and extract unreasonable concessions."

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SO Southern Company
$43.82

-0.19 (-0.43%)

08/09/18
08/09/18
NO CHANGE

Fly Intel: Today's top analyst calls on Wall Street
Check out today's top analyst calls from around Wall Street, compiled by The Fly. GOLDMAN CUTS SEAGATE TO SELL: Goldman Sachs analyst Mark Delaney downgraded Seagate Technology (STX) to Sell from Neutral and lowered his price target for the shares to $44 from $50, representing 20% downside from current levels. While Seagate has improved its product offerings in the last few years, hard disk drives remain a cyclical industry, and one "facing secular challenges in many parts of the market," Delaney said. He believes Seagate's fundamentals will peak in the second half of 2018 and decline in 2019. RBC CUTS FOX TO SECTOR PERFORM ON VALUATION: RBC Capital analyst Steven Cahall downgraded 21st Century Fox (FOXA) to Sector Perform from Outperform, but raised his price target to $49 from $45. The analyst noted that the stock is now trading near its M&A price and that he does not see any competitive bids emerging. Cahall adds that while the company is "undervalued", he awaits the separation to re-evaluate his stance. MORGAN STANLEY DOWNGRADES SEMI INDUSTRY: Morgan Stanley analyst Joseph Moore said he has become less constructive on semiconductor stocks through the year and he now believes elevated inventory levels and stretched lead times leave "no margin for error." Given his view that any lead time adjustment or demand slowdown could drive a "meaningful correction," Moore has downgraded his semiconductor industry view to Cautious from In-Line. He favors connector companies, like Amphenol (APH) and TE Connectivity (TEL) over analog/MCU at this point in the cycle, due to lower risk around lead time issues, Moore said. He also has a "strong preference" for high margin and more defensive models, such as Analog Devices (ADI) over lower margin and commodity exposed ones, like Cypress Semiconductor (CY) and ON Semiconductor (ON), he said. Despite his more cautious view on the space, Moore kept Overweight ratings on Nvidia (NVDA), Xilinx (XLNX) and Ambarella (AMBA), citing his view that they should benefit from secular growth in the area of AI, data center, and autonomous. SOUTHERN COMPANY GETS MULTIPLE DOWNGRADES AFTER Q2 REPORT: Barclays analyst Eric Beaumont downgraded Southern Company (SO) to Equal Weight and lowered his price target for the shares to $48 from $51. Credit Suisse analyst Michael Weinstein downgraded Southern Company to Underperform from Neutral and lowered his price target on the shares to $43 from $46. Guggenheim analyst Shahriar Pourreza downgraded Southern Company to Neutral from Buy and lowered his price target on the stock to $47 from $50. Evercore ISI analyst Greg Gordon downgraded Southern Company to Underperform from In Line and lowered his price target on Southern shares to $46 from $46.75.
08/09/18
08/09/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Seagate (STX) downgraded to Sell from Neutral at Goldman Sachs by analyst Mark Delaney, who said that while Seagate has improved its product offerings in the last few years, hard disk drives remain a cyclical industry, and one "facing secular challenges in many parts of the market." 2. 21st Century Fox (FOXA) downgraded to Sector Perform from Outperform at RBC Capital by analyst Steven Cahall who noted that the stock is now trading near its M&A price and that he does not see any competitive bids emerging. 3. e.l.f. Beauty (ELF) downgraded to Hold from Buy at Jefferies by analyst Stephanie Wissink, who said she is disappointed with the company's "sales fall off," which she says "seems more systemic than previously assumed." e.l.f.'s profit advancement will reverse in the second half of the year amid stepped up brand investment. Shares were also downgraded to Underweight from Neutral at Piper Jaffray, who said she sees a "growing risk of shelf-space cuts into 2019" if underlying sales trends do not improve, at Citi to Neutral from Buy and at DA Davidson to Neutral from Buy. 4. Southern Company (SO) downgraded to Underperform from In Line at Evercore ISI by analyst Greg Gordon, who said 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. Shares were also downgraded to Underperform from Neutral at Credit Suisse, to Equal Weight from Overweight at Barclays and to Neutral from Buy at Guggenheim. 5. Schneider National (SNDR) downgraded to Underperform from Buy at BofA/Merrill by analyst Ken Hoexter, who cited "stretched" relative valuation. The analyst also downgraded Genesee & Wyoming (GWR) to Neutral from Buy, saying recent strength in shares has led to a premium multiple and sees minimal upside. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
08/09/18
LEHM
08/09/18
DOWNGRADE
Target $48
LEHM
Equal Weight
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.
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.

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