Jefferies Raises Price Target on Exelon Corp. (EXC) Following 3Q EPS Beat
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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."
Shares of Exelon closed at $33.26 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesJefferies & Co, Earnings
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