Jefferies Maintains a 'Buy' on Exelon (EXC); Q2 Above Expectations; Raising Estimates

Jefferies maintains a 'Buy' on Exelon (NYSE: EXC), raises price target by $2 to $49.50.

Jefferies analyst says, "Exelon 2Q11 operating earnings of $1.05 exceeded our estimate of $0.95 and consensus of $0.96 due to $0.10 of non-recurring tax and regulatory contributions. The proposed merger with Constellation is on track to close in January 2012 assuming that FERC does not hold public hearings on the transaction. Nuclear operating and capital costs are not expected to change materially in response to the NRC task force recommendations."

"We are increasing our 2011 EPS estimate by $0.10 to $4.20 to reflect $0.10 of non-recurring items recorded in the second quarter. We are increasing our 2012 EPS estimate by $0.10 to $2.95 to adjust for the higher open gross margin impact on generation earnings. We are increasing our 2013 EPS estimate by $0.10 to $3.20 to adjust for the higher open gross margin impact on generation earnings."

For more ratings news on Exelon click here and for the rating history of Exelon click here.

Shares of Exelon closed at $44.59 yesterday.

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