UPDATE: Mizuho Securities Upgrades Exelon (EXC) to Neutral

Mizuho Securities analyst Paul Fremont upgraded Exelon (NASDAQ: EXC) from Underperform to Neutral, PT $47.50 (from $40.00).

The analyst comments "We are upgrading Exelon to Neutral from Underperform based on the improved earnings outlook for Exelon Generation. Exelon Generation continues to benefit from an increase in forward gas and electric prices and from improving prospects of federal subsidies for nuclear generation. We are increasing our estimates again as commodity forward prices continue to strengthen. Additionally, we are ascribing partial value in our price target for a proposal to substitute a $15 per MWh nuclear PTC for a $6.0 billion nuclear grant program in the $1.0 trillion federal infrastructure proposal introduced into the US Senate. We are updating our PT to $47.50 (previously $40.00) to account for higher ExGen estimates and current market multiple."

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 $48.20 yesterday.

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