Jefferies Upgrades Southern Co. (SO) to Buy on Valuation

Jefferies upgraded Southern Co. (NYSE: SO) from Hold to Buy with a price target of $50.50, (up from $46) citing valuation.

The firm comments, "We are upgrading Southern Company to Buy from Hold based on valuation. The spread between Southern’s earned return on equity, the minimum threshold needed to breakeven, is the most favorable of any of the regulated companies in our coverage universe. The combination of a favorable spread with a high level of rate base growth merits a 25% P/E premium to our regulated electric peer group."

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 $45.45 yesterday.

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