Jefferies Raises Price Target on Exelon Corp. (EXC) Following 3Q EPS Beat

October 27, 2016 9:11 AM EDT
Get Alerts EXC Hot Sheet
Price: $35.71 -0.47%

Rating Summary:
    14 Buy, 9 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 13 | Down: 22 | New: 54
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Jefferies reiterated a Buy rating on Exelon Corp. (NYSE: EXC), and raised the price target to $37.00 (from $36.00), following the company's 3Q earnings report. EXC reported EPS of $0.91 versus the consensus of $0.79. The year-overyear improvement was driven by increased earnings at the regulated utilities, particularly PHI, offset by a decline at ExGen. Management increased its 2016 earnings guidance to $2.55-$2.75 versus a previous range of $2.40-$2.70 (Street at $2.57).

Analyst Anthony Crowdell commented, "Exelon reported strong 3Q EPS of $0.91 versus our estimate $0.85 and Consensus of $0.79. Management provided an update of hedge disclosures for ExGen which highlighted a continued deterioration of power prices. Management announced incremental ExGen O&M savings for $100M-$125M in 2018-19. We continue to believe EXC is the best way to invest in power."

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 $33.26 yesterday.

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