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AES

AES Corp.

$16.12

-0.125 (-0.77%)

, WAAS

AquaVenture

$18.54

0.41 (2.26%)

08:02
05/14/19
05/14
08:02
05/14/19
08:02

Deutsche Bank to hold a conference

13th Annual Utilities, Power & Clean Tech Conference will be held in New York on May 14.

AES

AES Corp.

$16.12

-0.125 (-0.77%)

WAAS

AquaVenture

$18.54

0.41 (2.26%)

AY

Atlantica Yield

$20.75

0.06 (0.29%)

AGR

Avangrid

$50.41

0.53 (1.06%)

AZRE

Azure Power

$11.19

0.04 (0.36%)

CWEN

Clearway Energy

$15.34

-0.32 (-2.04%)

CMS

CMS Energy

$56.45

0.82 (1.47%)

ED

Consolidated Edison

$85.32

0.77 (0.91%)

D

Dominion

$75.66

1.13 (1.52%)

DUK

Duke Energy

$88.07

0.075 (0.09%)

EIX

Edison International

$60.15

0.96 (1.62%)

ETR

Entergy

$97.48

1.17 (1.21%)

ES

Eversource

$73.00

1.23 (1.71%)

EXC

Exelon

$49.49

0.515 (1.05%)

FE

FirstEnergy

$42.44

0.3 (0.71%)

NRG

NRG Energy

$36.80

-0.5 (-1.34%)

PEGI

Pattern Energy

$21.30

0.38 (1.82%)

SO

Southern Company

$54.10

0.73 (1.37%)

SPWR

SunPower

$7.97

-0.23 (-2.80%)

RUN

Sunrun

$14.30

-0.76 (-5.05%)

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AES AES Corp.
$16.12

-0.125 (-0.77%)

05/16/18
BOFA
05/16/18
DOWNGRADE
BOFA
Neutral
AES Corp. downgraded to Neutral from Buy at BofA/Merrill
07/02/18
BOFA
07/02/18
DOWNGRADE
Target $12.5
BOFA
Underperform
AES Corp. downgraded to Underperform from Neutral at BofA/Merrill
BofA/Merrill analyst Jullen Dumoulin-Smith downgraded AES Corp to Underperform from Neutral and raised its price target to $12.50 from $12. The analyst believes valuation is excessive following successful strategic initiatives by management and is concerned about the difficult European backdrop, especially the treatment of Bulgarian PPAs, emerging market macro risks, and limited impact on shares from recent positive news.
05/16/18
05/16/18
DOWNGRADE
Target $12

Neutral
AES Corp. downgraded to Neutral on valuation at BofA/Merrill
As previously reported, BofA/Merrill downgraded AES Corp. to Neutral from Buy and trimmed its price target to $12 from $13. Analyst Julien Dumoulin-Smith views shares as fairly valued following the recent rally and believes management has executed well above expectations.
WAAS AquaVenture
$18.54

0.41 (2.26%)

10/02/18
10/02/18
DOWNGRADE

Outperform
AquaVenture downgraded to Outperform on Ghana delay at Raymond James
As previously reported, Raymond James downgraded AquaVenture to Outperform from Strong Buy and maintained a $22 price target. Analyst Pavel Molchanov said said the delay in the Ghana desalination plant closing is disappointing and will take up more of management's attention, and less bandwidth to devote to M&A opportunities.
10/02/18
RAJA
10/02/18
DOWNGRADE
RAJA
Outperform
AquaVenture downgraded to Outperform from Strong Buy at Raymond James
12/19/18
LSCM
12/19/18
NO CHANGE
Target $34
LSCM
Buy
AquaVenture price target raised to $34 from $32 at Lake Street
Lake Street analyst Robert Brown raised his price target for AquaVenture to $34 after the company's Quench unit acquired Pure Health Solutions for $58M. The acquisition brings scale to seven U.S. markets, including one new market, Brown tells investors in a research note. His new price target reflects a higher EBITDA run-rate. The analyst keeps a Buy rating on AquaVenture.
09/18/18
JMPS
09/18/18
NO CHANGE
Target $24
JMPS
Outperform
Ruling may help expedite AquaVenture deal in Ghana, says JMP Securities
JMP Securities analyst Joseph Osha noted that Ghanaian news sources reported late last week that the entity responsible for overseeing utilities in the country issued a ruling that may help expedite a resolution to a water pricing dispute, which brings the complex process surrounding AquaVenture's plans to buy some or all of a large Ghanaian water desalination plant one step closer to completion. Osha now sees higher odds that AquaVenture will have a Ghanaian deal by the end of the year, if not by September 30, he tells investors. He maintains an Outperform rating on AquaVenture.
AY Atlantica Yield
$20.75

0.06 (0.29%)

09/28/18
DBAB
09/28/18
INITIATION
Target $23
DBAB
Buy
Atlantica Yield initiated with a Buy at Deutsche Bank
Deutsche Bank analyst Jonathan Arnold started Atlantica Yield with a Buy rating and $23 price target. The analyst sees 13% upside and highlights the company's "diversified" set of assets with no near-term contract maturities and shareholder friendly board.
01/07/19
SBSH
01/07/19
INITIATION
Target $25
SBSH
Buy
Atlantica Yield initiated with a Buy at Citi
Citi analyst Praful Mehta started Atlantica Yield with a Buy rating and $25 price target.
04/30/19
MSCO
04/30/19
NO CHANGE
MSCO
Clearway, Pattern Energy could see boost on Atlantica news, says Morgan Stanley
Morgan Stanley analyst Stephen Byrd noted that Atlantica Yield (AY) has announced plans to explore strategic options and while he has no knowledge of any talks involving any of the companies he covers in the space he believes that the market could begin to price in potential strategic optionality at other YieldCos. If so, he sees the potential for modest upside for Clearway Energy (CWEN) and Pattern Energy (PEGI), depending on a what assumptions the market makes, Byrd tells investors. He also points to NextEra Energy Partners (NEP) as a "special case" among YieldCos, stating that its dividend yield is much lower, but its growth prospects are significantly better. In the case of NextEra, though, Byrd said he sees potential downside given the relatively high amount of non-amortizing leverage at parent NextEra Energy (NEE).
AGR Avangrid
$50.41

0.53 (1.06%)

04/25/19
JANY
04/25/19
DOWNGRADE
JANY
Neutral
Avangrid downgraded to Neutral from Buy at Janney Montgomery Scott
04/08/19
GSCO
04/08/19
NO CHANGE
GSCO
Goldman Sachs more cautious on Utilities due to 'stretched valuations'
Goldman Sachs analysts Michael Lapides and Insoo Kim are more cautious on Americas Utilities due to "stretched valuations" across the utility sector. The analysts now see negative 2% total return across their utilities coverage. Following the Utilities SPDR (XLU) ~11% outperformance versus the S&P 500 since the start of Q4 2018, the group now trades at a 20% premium to the market, Lapides and Kim tells investors in a research note. The analysts removed NextEra Energy (NEE) from their firm's Conviction List but remain Buy-rated, upgraded NiSource (NI) to Buy from Neutral on less uncertainty regarding the Greater Lawrence incident, upgraded OGE Energy (OGE) to Neutral from Sell on valuation, downgraded WEC Energy (WEC) to Sell from Neutral, upgraded Avangrid (AGR) to Neutral from Sell, and downgraded American Electric Power (AEP) to Neutral from Buy.
04/25/19
BOFA
04/25/19
DOWNGRADE
Target $52.5
BOFA
Underperform
Avangrid downgraded to Underperform from Neutral at BofA/Merrill
As previously reported, BofA/Merrill downgraded Avangrid to Underperform from Neutral and cut its price target to $52.50 following the Q1 miss. Analyst Julien Dumoulin-Smith said underperformance in its Renewables fleet led to the revision in guidance, despite management's Q4 adjustment for poor January asset wind performance. The analyst has increased skepticism in Avangrid's ability to counter continued underperformance and meet is Renewables earnings guidance.
04/25/19
BOFA
04/25/19
DOWNGRADE
BOFA
Underperform
Avangrid downgraded to Underperform from Neutral at BofA/Merrill
AZRE Azure Power
$11.19

0.04 (0.36%)

01/08/19
01/08/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. VMware (VMW) resumed with a Buy at Citi. 2. CSX (CSX) and Kansas City Southern (KSU) were initiated with an Overweight at Atlantic Equities, while Union Pacific (UNP) was initiated with a Neutral. 3. First Solar (FSLR) and TerraForm Power (TERP) were initiated with an Overweight at Barclays, Covanta (CVA) and Azure Power (AZRE) were initiated with an Equal Weight, and SunPower (SPWR) was initiated with an Underweight. 4. At Home Group (HOME) initiated with a Buy at Monness Crespi. 5. Chemours (CC) initiated with a Buy at HSBC. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
01/07/19
LEHM
01/07/19
INITIATION
LEHM
Equal Weight
Azure Power initiated with an Equal Weight at Barclays
Barclays analyst Moses Sutton initiated Azure Power with an Equal Weight rating and a $12 price target. The analyst said he expects continued success for the company "riding the wave of Indian solar growth over the coming years," but noted that trading liquidity is still weak and he thinks it will be "tough to find a hard catalyst that can re-energize the shares in the near/medium term."
10/09/18
FBCO
10/09/18
NO CHANGE
Target $22
FBCO
Outperform
Azure Power price target lowered to $22, Outperform reinstated at Credit Suisse
Credit Suisse analyst Maheep Mandloi reinstated an Outperform rating on Azure Power shares and lowered his price target on the stock to $22 from $24 after the recent $200M equity issuance that secures capital for long-term growth and helps increase trading liquidity. His positive thesis is based on a booming solar market growing at 35% CAGR due to policy support, attractive project returns benefiting from module supply glut, an underestimated overloading strategy that generates 40% more energy for 15% higher costs, in-house EPC that enables higher leverage, compressing spreads that offset rate pressure, higher marginal operating leverage, strong support from existing shareholders, and a fully funded growth strategy.
10/11/18
JMPS
10/11/18
NO CHANGE
Target $30
JMPS
Outperform
Azure Power price target raised to $30 from $26 at JMP Securities
JMP Securities analyst Joseph Osha believes Azure Power's successful $185M equity offering last week positions the company to build out up to 5GW with no need for additional capital. It is possible that Azure Power's expansion could become self-funding beyond that, though that will depend upon the pace of expansion and whether the company is returning capital to shareholders, Osha added. He believes the market is still worried about the company's access to debt, but Osha notes that some of the most recent debt funding announcements seem to have come in at rates close to what he anticipated and sees "plenty of room in Azure Power's operating model." He raised his price target on Azure shares to $30 from $26 and keeps an Outperform rating on the stock.
CWEN Clearway Energy
$15.34

-0.32 (-2.04%)

02/20/19
EVER
02/20/19
DOWNGRADE
EVER
In Line
Clearway Energy downgraded to In Line from Outperform at Evercore ISI
02/15/19
MACQ
02/15/19
DOWNGRADE
MACQ
Neutral
Clearway Energy downgraded to Neutral from Outperform at Macquarie
02/13/19
02/13/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Deere (DE) downgraded to Neutral from Buy at BofA/Merrill with analyst Ross Gilardi saying he views risk/reward as more balanced heading into Friday's Q1 report following recent share outperformance. 2. Consolidated Edison (ED) downgraded to Underperform from In Line at Evercore ISI. 3. Clearway Energy (CWEN) downgraded to Sell from Neutral at Guggenheim with analyst Shahriar Pourreza saying he expects the company to announce a dividend cut in the next few days after his discussions with key stakeholders and the management, adding that "at a minimum," the company's cash may be "locked up at the project level for a pronounced period of time." 4. Huntsman (HUN) downgraded to Neutral from Overweight at JPMorgan with analyst Jeffrey Zekauskas saying the company has its work cut out to reach its own adjusted EBITDA forecasts for 2019. 5. Aquantia (AQ) downgraded to Equal Weight from Overweight at Morgan Stanley and to Market Perform from Outperform at Raymond James. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
CMS CMS Energy
$56.45

0.82 (1.47%)

04/11/19
BOFA
04/11/19
UPGRADE
BOFA
Buy
CMS Energy upgraded to Buy from Neutral at BofA/Merrill
04/11/19
BOFA
04/11/19
UPGRADE
Target $60
BOFA
Buy
CMS Energy upgraded to Buy on PURPA resolution at BofA/Merrill
As previously reported, BofA/Merrill upgraded CMS Energy to Buy from Neutral with a $60 price target. Analyst Julien Dumoulin-Smith said shares are more attractive following recent underperformance and have been de-risked by the resolution of PURPA issues through the IRP settlement, removing the biggest overhang.
04/11/19
04/11/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Five Below (FIVE) upgraded to Overweight from Neutral at JPMorgan with analyst Matthew Boss saying management expressed "strong confidence" in both the near-term and multi-year 20%-plus sales growth driving 20%-plus annual earnings growth. 2. CMS Energy (CMS) upgraded to Buy from Neutral at BofA/Merrill with analyst Julien Dumoulin-Smith saying shares are more attractive following recent underperformance and have been de-risked by the resolution of PURPA issues through the IRP settlement, removing the biggest overhang. 3. Cracker Barrel (CBRL) upgraded to Buy from Hold at Maxim. 4. Customers Bancorp (CUBI) upgraded to Buy from Neutral at B. Riley FBR with analyst Steve Moss saying with the T-Mobile launch imminent, the he finds the risk/reward attractive with the stock trading at 84% of tangible book value. 5. Hawaiian Holdings (HA) upgraded to Outperform from Neutral at Macquarie with analyst Susan Donofrio saying she believes investor sentiment is beginning to shift as concerns over Southwest (LUV) dramatically changing the pricing structure abate and raised estimates to reflect stronger expected earnings. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
01/17/19
01/17/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Tencent Music (TME) initiated with an Overweight at JPMorgan. 2. Craft Brew (BREW) initiated with a Buy at Maxim while Castle Brands (ROX) was initiated with a Hold. 3. CVS Health (CVS) and LabCorp (LH) were initiated with a Buy at UBS while Walgreens Boots Alliance (WBA) was initiated with a Sell. 4. DTE Energy (DTE) initiated with a Buy at Goldman Sachs while CMS Energy (CMS) was initiated with a Neutral. 5. Zendesk (ZEN) and HubSpot (HUBS) were initiated with an Overweight at Stephens while Adobe (ADBE) was initiated with an Equal Weight. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
ED Consolidated Edison
$85.32

0.77 (0.91%)

04/26/19
BOFA
04/26/19
UPGRADE
BOFA
Buy
Consolidated Edison upgraded to Buy from Neutral at BofA/Merrill
04/26/19
04/26/19
UPGRADE
Target $94

Buy
Consolidated Edison upgraded to Buy on valuation, catalysts at BofA/Merrill
As previously reported, BofA/Merrill upgraded Consolidated Edison to Buy from Neutral with a $94 price target. Analyst Julien Dumoulin-Smith said shares trade at a "meaningful discount" and sees several catalysts ahead including de-risking of the New York rate case filing as staff commentary supports higher capex levels, transmission capex upside, wet transmission opportunities, and more nascent transmission opportunities.
03/11/19
MZHO
03/11/19
INITIATION
Target $85
MZHO
Neutral
Consolidated Edison initiated with a Neutral at Mizuho
Mizuho analyst Anthony Crowdell started Consolidated Edison with a Neutral rating and $85 price target. The unregulated businesses still represent less than 5% of Consolidated Edison's earnings so its valuation is still driven by its regulated businesses, Crowdell tells investors in a research note. Despite being a small portion of the overall company, the analyst believes the unregulated businesses are an overhang on the stock "given the perceived risk."
D Dominion
$75.66

1.13 (1.52%)

01/22/19
JPMS
01/22/19
DOWNGRADE
Target $73
JPMS
Neutral
Dominion downgraded to Neutral from Overweight at JPMorgan
JPMorgan analyst Christopher Turnure downgraded Dominion Energy to Neutral and lowered his price target for the shares to $73 from $79. The analyst cites risk to the proposed 600-mile underground Atlantic Coast Pipeline for the downgrade.
03/18/19
MACQ
03/18/19
DOWNGRADE
MACQ
Neutral
Dominion downgraded to Neutral from Outperform at Macquarie
01/22/19
JPMS
01/22/19
DOWNGRADE
Target $73
JPMS
Neutral
JPMorgan downgrades Dominion to Neutral on ACP project risk
JPMorgan analyst Christopher Turnure downgraded Dominion Energy to Neutral from Overweight and lowered his price target for the shares to $73 from $79. Since the middle of December, Dominion has experienced an adverse court ruling on the Forest Service permit for the Atlantic Coast Pipeline, pension cost pressure due to weak asset returns in Q4 and proposed Virginia legislation accelerating an earnings test from 2024, Turnure tells investors in a research note. He believes the Court of Appeals invalidation of a Forest Service permit adds "significant risk" to the Atlantic Coast Pipeline project that is likely to extend through at least Q2 of 2019 before a potential favorable ruling. As such, the analyst sees more limited upside for Dominion shares in the near-term.
03/11/19
MZHO
03/11/19
INITIATION
Target $76
MZHO
Neutral
Dominion initiated with a Neutral at Mizuho
Mizuho analyst Anthony Crowdell started Dominion Energy with a Neutral rating and $76 price target. Unlike on a price-to-earnings basis on which Dominion appears undervalued by 6%, the stock is fairly valued on a sum-of-the-parts analysis, Crowdell tells investors in a research note. He believes a sum-of-the-parts valuation is more appropriate given the company's different businesses and debt levels.
DUK Duke Energy
$88.07

0.075 (0.09%)

05/13/19
BOFA
05/13/19
DOWNGRADE
BOFA
Underperform
Duke Energy downgraded to Underperform from Neutral at BofA/Merrill
01/09/19
01/09/19
DOWNGRADE
Target $87

Neutral
Duke Energy downgraded to Neutral on valuation, pipeline risks at BofA/Merrill
As previously reported, BofA/Merrill downgraded Duke Energy to Neutral from Buy and trimmed its price target to $87 from $88. Analyst Julien Dumoulin-Smith cites valuation, potential further dleays and cost overruns for the Atlantic Coast Pipeline, and limited near-term catalysts for the downgrade.
02/15/19
FBCO
02/15/19
DOWNGRADE
Target $88
FBCO
Neutral
Duke Energy downgraded to Neutral from Outperform at Credit Suisse
Credit Suisse analyst Michael Weinstein downgraded Duke Energy to Neutral from Outperform and lowered his price target to $88 from $89 following the "lower quality earnings mix" within the new five-year guidance. In a research note to investors, Weinstein says 2019 and forward EPS growth will reflect at least 16c per share more Commercial Renewable tax credits than w expected, offset by (10c) lower regulated utility earnings than he had previously modeled. Additionally, he expects Duke's smaller CR pipeline will likely produce uneven and "lumpy" future results that will come under pressure as tax credit programs sunset through 2023.
02/15/19
FBCO
02/15/19
DOWNGRADE
FBCO
Neutral
Duke Energy downgraded to Neutral from Outperform at Credit Suisse
EIX Edison International
$60.15

0.96 (1.62%)

04/15/19
MZHO
04/15/19
NO CHANGE
MZHO
Strike force report supports Buy rating on Edison, says Mizuho
In a research note titled "Good Friday," Mizuho analyst Paul Fremont says Governor Newsom's strike force report supports his Buy rating on shares of Edison International. The report outlines three items that will have a positive impact to the state's investor owned utilities, Fremont tells investors in a research note. The Force will evaluate a liquidity-only fund/securitization, changes to inverse condemnation, and a catastrophic wildfire fund, adds the analyst. He believes investors were positively surprised with the strike force looking to tackle the issue related to inverse condemnation versus the expectation that this strict liability standard would be addressed in a future legislative session.
04/15/19
SBSH
04/15/19
NO CHANGE
SBSH
Citi reiterates Buy ratings on PG&E, Edison after strike team report
Governor Newsom's press conference and the strike team report unveiled on Friday gives confidence that California will "get something constructive accomplished by July," Citi analyst Praful Mehta tells investors in a research note. The Governor highlighted that a solution requires participation from everybody including investors, insurers, attorneys and tax payers, adds the analyst. He finds this statement "extremely important" and reiterates Buy ratings on both PG&E (PFE) and Edison International (EIX).
04/15/19
RHCO
04/15/19
NO CHANGE
Target $77
RHCO
Buy
Edison International price target raised to $77 from $72 at SunTrust
SunTrust analyst Ali Agha raised his price target on Edison International to $77 and kept his Buy rating, saying the recommendations made by the California Governor's Wildfire Strike Force report as well as the commentary by the Governor were encouraging. The analyst assigns a "higher probability of a positive resolution" to wildfire liability concerns for Edison International, which justifies a higher price target.
05/06/19
WOLF
05/06/19
UPGRADE
WOLF
Outperform
Edison International upgraded to Outperform from Peer Perform at Wolfe Research
Wolfe Research upgraded Edison International to Outperform from Peer Perform with a $75 price target saying weakness appears "overdone" and expects a "fix" to California wildfire liability rules this year.
ETR Entergy
$97.48

1.17 (1.21%)

04/18/19
MSCO
04/18/19
UPGRADE
Target $104
MSCO
Overweight
Entergy upgraded to Overweight on 'unwarranted' discount at Morgan Stanley
As previously reported, Morgan Stanley analyst Stephen Byrd upgraded Entergy (ETR) to Overweight from Equal Weight, stating that he views the stock's current 11% discount to peers as unwarranted given its above-average EPS growth, improving nuclear risk profile and continued progress toward becoming fully regulated. The analyst, who paired his upgrade of Entergy with a downgrade of American Electric Power (AEP), raised his price target on Entergy shares to $104 from $95.
04/18/19
MSCO
04/18/19
UPGRADE
MSCO
Overweight
Entergy upgraded to Overweight from Equal Weight at Morgan Stanley
08/03/18
08/03/18
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Allergan (AGN) upgraded to Buy from Neutral at Mizuho with analyst Irina Koffler saying she views Allergan's risk/reward more favorably following the company's "strong" beat and raise quarter and the delayed introduction of Restasis generics. 2. Pacira (PCRX) upgraded to Buy from Hold at Needham with analyst Serge Belanger citing "strong" Q2 performance of Exparel, where sales growth is accelerating while the company engages more of the anesthesiologist community. 3. Entergy (ETR) upgraded to Buy from Neutral at UBS with analyst Daniel Ford saying the stock no longer warrants a discount associated with nuclear decommissioning and operating performance risk. 4. Eversource (ES) upgraded to Neutral from Underperform at BofA/Merrill with analyst Julien Dumoulin-Smith saying the story has been de-risked with no major capex projects left. 5. TripAdvisor (TRIP) upgraded to Hold from Underperform at Needham with analyst Laura Martin saying while the company's pivot to competing as an online travel agent has failed, its focus to grow its non-hotel businesses is a "higher ROI idea." This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
03/11/19
MACQ
03/11/19
UPGRADE
MACQ
Outperform
Entergy upgraded to Outperform from Neutral at Macquarie
ES Eversource
$73.00

1.23 (1.71%)

02/25/19
02/25/19
DOWNGRADE

Underperform
Eversource downgraded to Underperform following capital raise at BofA/Merrill
As previously reported, BofA/Merrill downgraded Eversource to Underperform from Neutral with a $68 price target. Analyst Julien Dumoulin-Smith lowered his earnings estimates to reflect equity dilution from the recently disclosed $2.5B equity raise.
02/25/19
BOFA
02/25/19
DOWNGRADE
BOFA
Underperform
Eversource downgraded to Underperform from Neutral at BofA/Merrill
03/04/19
MACQ
03/04/19
UPGRADE
MACQ
Outperform
Eversource upgraded to Outperform from Neutral at Macquarie
02/22/19
EVER
02/22/19
DOWNGRADE
EVER
In Line
Eversource downgraded to In Line from Outperform at Evercore ISI
EXC Exelon
$49.49

0.515 (1.05%)

04/09/19
GSCO
04/09/19
UPGRADE
Target $47
GSCO
Neutral
Exelon upgraded to Neutral from Sell at Goldman Sachs
Goldman Sachs analyst Michael Lapides upgraded Exelon to Neutral from Sell at Goldman and raised his price target for the shares to $47 from $43. The analyst sees higher potential nuclear revenue for the company due to potential zero emission credits or subsidies in Pennsylvania and Illinois. Further, the analyst increased his multiples for Exelon's segments to reflect "above average growth" at its core regulated businesses.
04/18/19
DBAB
04/18/19
NO CHANGE
DBAB
Deutsche Bank ups PSEG, Exelon targets after New Jersey approves nuclear ZECs
After New Jersey's Board of Public Utilities voted 4-1 to grant Zero Emissions Credits, or ZECs, worth approximately $10/MWh to all three of New Jersey's nuclear plants, Deutsche Bank analyst Jon Arnold raised his price target on shares of PSEG (PEG) to $63 from $62 and his target on Exelon (EXC) to $55 from $54. The credits are expected to add about $200M per year for the next three years to majority owner PSEG's revenue and Salem plant co-owner Exelon is entitled to its $100M per year share, explained the analyst. ZECS are now actually granted in New Jersey and have previously been granted in Illinois and were recently "affirmed as legal all the way up to the SCOTUS" after the top court opted not to take up related challenges, Arnold noted.
04/09/19
GSCO
04/09/19
UPGRADE
GSCO
Neutral
Exelon upgraded to Neutral from Sell at Goldman Sachs
04/02/19
04/02/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Exelon (EXC) upgraded to Outperform from Market Perform at Wells Fargo with analyst Neil Kalton saying a key tenant to his thesis is that ExGen's nuclear fleet operates through the end of the units' various license extension periods, which will likely require additional policy support. 2. CommScope (COMM) upgraded to Outperform from Neutral at Credit Suisse with analyst Sami Badri citing fundamental strength in the combined business computed in his updated CommScope-Arris (ARRS) merger model with the Arris acquisition expected to close in April 2019. 3. Quest Diagnostics (DGX) and LabCorp (LH) upgraded to Buy from Hold at Jefferies. 4. Hostess Brands (TWNK) upgraded to Buy from Hold at Deutsche Bank with analyst Rob Dickerson saying management execution, a turnaround to profitability in the Chicago bakery and improved pricing could return Hostess to "top-tier revenue growth" this year. 5. Amphenol (APH) upgraded to Buy from Hold at SunTrust with analyst William Stein saying in a world of uncertainty, Amphenol offers more dependable 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.
FE FirstEnergy
$42.44

0.3 (0.71%)

03/20/19
LEHM
03/20/19
UPGRADE
Target $46
LEHM
Overweight
FirstEnergy upgraded to Overweight from Equal Weight at Barclays
Barclays analyst Eric Beaumont upgraded FirstEnergy to Overweight from Equal Weight and raised his price target for the shares to $46 from $40.
03/20/19
LEHM
03/20/19
NO CHANGE
LEHM
Barclays upgrades NextEra and FirstEnergy, downgrades NorthWestern
Barclays analyst Eric Beaumont upgraded both NextEra Energy (NEE) and FirstEnergy (FE) to Overweight from Equal Weight while downgrading NorthWestern (NWE) to Underweight from Equal Weight. The rating changes reflect the analyst's updated valuations based on 2021 estimates combined with price performance over the past quarter. On NextEra, he believes "top industry growth" combined with an above-average regulatory environment will drive the valuation. FirstEnergy currently looks like a "deep value or show-me story," but with a transformative 2018 behind it, execution on the story in 2019 will be the key driver to stock performance, Beaumont tells investors in a research note. For NorthWestern, the analyst thinks the stock is discounting too optimistic of an outcome for the Montana rate case.
04/05/19
BOFA
04/05/19
NO CHANGE
Target $48
BOFA
Buy
FirstEnergy a Buy at most compelling valuation in a year, says BofA/Merrill
BofA/Merrill analyst Julien Dumoulin-Smith kept his Buy rating and $48 price target on FirstEnergy, saying yesterday's 4% decline in the stock price driven by the rejection of its $4B restructuring plan by a bankruptcy court has taken its valuation to the "most compelling" level in the past year. The analyst notes that in spite of the concerns about additional environmental liabilities translating back to FirstEnergy, the regulators are lacking datapoints to identify further liabilities, adding that the company has also already allocated about $200M in a surety bond to address further concerns.
03/05/19
MSCO
03/05/19
NO CHANGE
MSCO
Morgan Stanley downgrades Energy sector to Equal Weight from Overweight
Morgan Stanley equity strategist Michael Wilson said the firm's strategy team expects further declines in earnings forecasts for the Energy sector and are moving to Equal Weight from Overweight on the sector while they remain overweight Utilities. The firm's Energy and Utilities analysts highlight Baker Hughes (BHGE), Bloom Energy (BE), BP (BP), ConocoPhillips (COP), FirstEnergy (FE), Marathon Petroleum (MPC), Suncor (SU), TechnipFMC (FTI) and Tenaris (TS) as their top picks.
NRG NRG Energy
$36.80

-0.5 (-1.34%)

03/25/19
MSCO
03/25/19
INITIATION
Target $64
MSCO
Equal Weight
NRG Energy resumed with an Equal Weight at Morgan Stanley
Morgan Stanley analyst Stephen Byrd resumed coverage of NRG Energy with an Equal Weight rating and $64 price target, stating that he sees upside to power prices given what he views as the very tight supply-demand balance in the Texas power market. Aside from Texas upside, NRG also offers the "underappreciated positives" of resilient retail margins, an improving balance sheet, and favorable cash flow compared to other commodity-exposed industries, Byrd tells investors. However, he thinks NRG's strong and stable free cash flow outlook is already largely reflected in the stock.
08/06/18
SBSH
08/06/18
UPGRADE
Target $38
SBSH
Buy
Citi brings NRG Energy back to Buy a week after downgrade
Citi analyst Praful Mehta upgraded NRG Energy to Buy from Neutral and raised his price target for the shares to $38 from $33. The analyst downgraded the shares to Neutral on July 30. In a research note partially titled "We Were Wrong. Story Stronger," Mehta says the strength of NRG's model was shown in last week's Q2 report. The analyst boosted his 2019 EBITDA estimate by $300M and 2020 estimate by $150M. He views his sum-of-the-parts valuation of $38 per share as conservative since it includes no value for buybacks or return on excess cash. NRG's "strong execution and ERCOT tightness" drives the upgrade back to Buy, Mehta tells investors in a research note.
01/28/19
DBAB
01/28/19
DOWNGRADE
DBAB
Hold
NRG Energy downgraded to Hold from Buy at Deutsche Bank
12/10/18
SBSH
12/10/18
NO CHANGE
Target $47
SBSH
Buy
NRG Energy price target raised to $47 from $38 at Citi
Citi analyst Praful Mehta raised his price target for NRG Energy to $47 after updating his model for Q3 financials, latest management guidance, and forward commodity curves. The analyst keeps a Buy rating on the shares and remains bullish on NRG's fundamentals.
PEGI Pattern Energy
$21.30

0.38 (1.82%)

02/04/19
MACQ
02/04/19
DOWNGRADE
MACQ
Underperform
Pattern Energy downgraded to Underperform from Neutral at Macquarie
02/01/19
BMOC
02/01/19
DOWNGRADE
Target $21
BMOC
Market Perform
Pattern Energy downgraded to Market Perform from Outperform at BMO Capital
BMO Capital analyst Ben Pham downgraded Pattern Energy to Market Perform and kept his price target at $21, saying the stock has recently experienced a "strong relative performance" and breached that price objective. The analyst notes that he remains positive on the company's "high-quality contracted renewable facilities", but sees risk-reward as "more balanced" at current valuation.
02/01/19
BMOC
02/01/19
DOWNGRADE
BMOC
Market Perform
Pattern Energy downgraded to Market Perform from Outperform at BMO Capital
SO Southern Company
$54.10

0.73 (1.37%)

01/24/19
SBSH
01/24/19
UPGRADE
Target $50
SBSH
Neutral
Citi upgrades Southern Company to Neutral on reduced Vogtle risks
Citi analyst Praful Mehta upgraded Southern Company to Neutral from Sell and raised his price target for the shares to $50 from $45. The analyst believes the company's Vogtle site is showing "good progress" following a visit. Challenges related to earned hours and labor issues are mostly addressed, Mehta tells investors in a research note. He upgrades Southern Company to Neutral saying near-term Vogtle risks are under control.
01/24/19
01/24/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Procter & Gamble (PG) upgraded to Hold from Sell at Berenberg with analyst James Targett saying his analysis showed large brands trend to outperform, particularly in home care, hygiene and parts of personal care and packaged food. 2. Restaurant Brands (QSR) upgraded to Outperform from Market Perform at BMO Capital with analyst Peter Sklar citing the company's announced dividend increase, strong preliminary comparable sales for Q4, and the appointment of an industry "operator" as CEO. 3. Incyte (INCY) upgraded to Buy from Hold at Gabelli and to Outperform from Market Perform at William Blair. 4. Kimberly-Clark (KMB) upgraded to Equal Weight from Underweight at Morgan Stanley with analyst Dara Mohsenian saying while its initial FY19 EPS guidance of $6.50-6.70 was 2.5% below the prior consensus at the midpoint, he views it as "reasonable." 5. Southern Company (SO) upgraded to Neutral from Sell at Citi with analyst Praful Mehta saying he believes the company's Vogtle site is showing "good progress" following a visit. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
02/22/19
02/22/19
UPGRADE
Target $52

In Line
Southern Company upgraded to In Line on valuation at Evercore ISI
As previously reported, Evercore upgraded Southern Company to In Line from Underperform and raised its price target to $52 from $45. Analyst Greg Gordon cites fair valuation for the rating change.
02/22/19
EVER
02/22/19
UPGRADE
EVER
In Line
Southern Company upgraded to In Line from Underperform at Evercore ISI
SPWR SunPower
$7.97

-0.23 (-2.80%)

04/11/19
JPMS
04/11/19
INITIATION
Target $7.5
JPMS
Neutral
SunPower assumed with a Neutral at JPMorgan
JPMorgan analyst Mark Strouse assumed coverage of SunPower (SPWR) with a Neutral rating and $7.50 price target. The rating and price target are unchanged relative to the firm's prior coverage. The analyst believes SunPower will be somewhat of a "show me" stock near term as investors await evidence that the company can deliver on its long-term targets.
02/15/19
02/15/19
DOWNGRADE
Target $7

Neutral
Credit Suisse downgrades SunPower to Neutral, cuts price target to $7
As previously reported, Credit Suisse analyst Michael Weinstein downgraded SunPower to Neutral from Outperform, stating that the company still needs to prove distributed generation and manufacturing margin structure and find a strategic partner for capacity expansion. While he still thinks the successful 201 tariff exemption and the IRS safe harbor are positive factors, they are not enough to overcome the cost of the early stage ramp up of distributed generation. Weinstein cut his price target on SunPower shares to $7 from $10.
02/15/19
FBCO
02/15/19
DOWNGRADE
FBCO
Neutral
SunPower downgraded to Neutral from Outperform at Credit Suisse
02/15/19
BOFA
02/15/19
DOWNGRADE
Target $4
BOFA
Underperform
BofA/Merrill sees SunPower challenges persisting, downgrades to Underperform
As previously reported, BofA Merrill Lynch analyst Julien Dumoulin-Smith downgraded SunPower to Underperform from Neutral, stating that its adjusted EBITDA and FCF guidance were "particularly sobering" and meaningfully below prior expectations. He sees the company's EBITDA guidance implying significantly lower margins for FY19, despite prior commentary that it could leverage the Section 201 exemption to improve volumes and margins. Dumoulin-Smith has a $4 price target on SunPower shares.
RUN Sunrun
$14.30

-0.76 (-5.05%)

05/06/19
ROTH
05/06/19
INITIATION
Target $10
ROTH
Buy
Vivint Solar initiated with a Buy at Roth Capital
Roth Capital analyst Philip Shen started coverage of Vivint Solar (VSLR) with a Buy rating and a $10 price target. The analyst notes that Tesla's (TSLA) news around cutting prices created an "attractive entry point" for Vivint Solar. While much of the loss has been made up, the analyst continues to see the stock grinding higher on strong industry and company fundamentals. New partnership/channel announcements will likely serve as positive catalysts along with a meaningful refinancing opportunity over the medium-term, he contends. Looking ahead, Shen expects the valuation gap with competitor Sunrun (RUN) to narrow as management steadily executes to plan.
09/11/18
BOFA
09/11/18
UPGRADE
Target $17
BOFA
Buy
Sunrun upgraded to Buy on valuation, reduced risks at BofA/Merrill
As previously reported, BofA/Merrill upgraded Sunrun to Buy from Neutral and raised its price target to $17 from $16. Analyst Julien Dumoulin-Smith said recent share underperformance has led to limited downside risk, combined with his increased confidence in both deployments and cost reductions, and positive SB100 legislation signed in California, will lead to acceleration in volumes.
08/13/18
BOFA
08/13/18
UPGRADE
BOFA
Neutral
Sunrun upgraded to Neutral from Underperform at BofA/Merrill
BofA//Merrill analyst Julien Dumoulin-Smith upgraded Sunrun to Neutral from Underperform and raised its price target to $16 from $15 citing valuation. The analyst said the recent pullback in shares following the Q2 report is an overreaction and notes the acceleration in deployments and the continued shift to direct sales.
09/11/18
BOFA
09/11/18
UPGRADE
BOFA
Buy
Sunrun upgraded to Buy from Neutral at BofA/Merrill

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