Mizuho Securities Upgrades Southern Co. (SO) to Neutral

Mizuho Securities analyst Paul Fremont upgraded Southern Co. (NYSE: SO) from Underperform to Neutral with a price target of $60.50 (from $55.00).

The analyst comments "We are upgrading Southern Company to Neutral from Underperform following the filing of GPSC Staff testimony on December 1. GPSC Staff cost and schedule projections are largely in line with Mizuho’s prior estimates. With construction mostly complete on Unit 3, the likelihood of major delays and cost overruns appears much lower. In its testimony, GPSC Staff is estimating a 2-5 month delay in the scheduled commercial operation of Vogtle Unit 3 (relative to company projections and in line with Mizuho’s prior estimates) and higher total project costs aggregating $600 million to $1.0 billion (approximately $100m- $400m above Mizuho’s prior estimates). Our revised estimates assumes Vogtle non-recoverable costs of $2.9 billion (approximately $300m above our prior estimates)."

For an analyst ratings summary and ratings history on Southern Co. click here. For more ratings news on Southern Co. click here.

Shares of Southern Co. closed at $62.83 yesterday.

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