Jefferies Upgrades Exelon (EXC) to Buy

Jefferies upgraded Exelon (NYSE: EXC) from Hold to Buy with a price target of $42.50 (from $37.50) on valuation.

Analyst Paul B. Fremont said, "The improvement in power prices since the end of April appears sustainable based on recent commodity forward price updates. At higher power prices the level of supply contribution has shrunk from 25% of forecast EBITDA to 15% warranting a lower P/E discount on the stock. We had previously raised earnings estimates to reflect stronger power price forwards."

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 $36.11 yesterday.

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