Fly News Breaks for January 8, 2020
NJR, ED, AEP, AVA, SR, POR, ALE, PPL, OGS, NWE, HE, CPK, AEE, EXC
Jan 8, 2020 | 08:45 EDT
Guggenheim analyst Shahriar Pourreza noted that many of the traditional regulated utilities seen as bond proxies were relative outperformers in 2019 and he expects the same dynamics to carry into 2020, but with a "continued bend" towards cyclical energy/power levered names, which he predicts will be top quartile performers. In issuing his 2020 outlook for the Utility sector, Pourreza initiated coverage of Ameren (AEE) with a Buy rating and started coverage of Chesapeake Utilities (CPK), Hawaiian Electric (HE), NorthWestern (NWE) and ONE Gas (OGS), all with Neutral ratings. He also upgraded PPL Corp. (PPL) and Allete (ALE), each to Buy from Neutral, while downgrading Portland General Electric (POR), Spire (SR), Avista (AVA), American Electric (AEP), Consolidated Edison (ED) and New Jersey Resources (NJR) all to Sell from Neutral. Pourreza named Exelon (EXC) as his Best Idea in 2020 as he believes the market has "an unwarranted discount" and assigns a low single digit value to ExGen, which does not factor in upside from potential legislation in Illinois or Pennsylvania or the recently-ordered PJM capacity market reforms. In addition to the near-term catalysts, he also cites Exelon's valuation.
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