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Goldman Sachs Downgrades Exelon (EXC) to Sell

October 28, 2013 6:59 AM EDT Send to a Friend
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Price: $36.06 --0%

Rating Summary:
    3 Buy, 11 Hold, 7 Sell

Rating Trend: = Flat

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Goldman Sachs downgraded Exelon (NYSE: EXC) from Neutral to Sell with a price target of $26.00 (from $29.00) on below consensus outlook, valuation, low dividend growth.

"Our downgrade largely reflects our below consensus expectations, which are 4%/10% below consensus for 2015/2016," analyst Michael Lapides said. "We also believe that, after this year's dividend reduction, many investors likely expect a return to solid dividend growth – however, we view this as unlikely due to low power & capacity prices in EXC's core regions (Mid-Atlantic, New York, Midwest), declining competitive retail margins, higher nuclear operating/capital costs and investment requirements at the regulated segments."

The firm cut FY 2013 EPS from $2.39 to $2330, FY 2014 EPSfrom $2.32 to $2.29 and FY 2015 EPS from $2.19 to $2.16.

For an analyst ratings summary and ratings history on Exelon click here. For more ratings news on Exelon click here.

Shares of Exelon closed at $27.96 yesterday.




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