Scotiabank Downgrades Eversource Energy (ES) to Sector Perform, 'continue to see ES’s heavily-discounted valuation as attractive, but don’t expect NT relative outperformance'

Scotiabank analyst Andrew Weisel downgraded Eversource Energy (NYSE: ES) from Sector Outperform to Sector Perform with a price target of $60.00 (from $86.00).

The analyst comments: "We downgrade our rating on Eversource to Sector Perform (from Sector Outperform) given (a) our increasingly defensive positioning within the group, (b) a worsening outlook for offshore wind and therefore increased likelihood that ES will need to issue equity at a depressed stock price or see a credit downgrade, and (c) additional negative updates on CT’s regulatory environment. We continue to see ES’s heavily-discounted valuation as attractive, but don’t expect NT relative outperformance."

For an analyst ratings summary and ratings history on Eversource Energy click here. For more ratings news on Eversource Energy click here.

Shares of Eversource Energy closed at $55.03 yesterday.

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