Jefferies Cuts Price Target on Exelon Corp. (EXC) to $36; Reiterates Buy
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Jefferies maintained a Buy rating on Exelon Corp. (NYSE: EXC), and cut the price target to $36.00 (from $40.00), after updating the company's forecast model. Jefferies' forecast assumes no changes in prices from 2018-19 but for every $5/MWh change in NiHub prices they see a $0.22 impact to 2019 EPS.
Analyst Anthony Crowdell commented, "Following an update of our forecast model we believe Exelon is the best way to safely invest in merchant generation. While the recovery in power prices may take time, Exelon gives investors a strong and improving balance sheet, optionality on the Clean Power Plan/ZECs, and a growing base of regulated earnings. We find Exelon's merchant business trading at less than $5/sh on 2019 EV/EBITDA and at less than 4x is the cheapest merchant stock in the sector."
Shares of Exelon closed at $32.18 yesterday.
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