Evercore ISI Starts Exelon (EXC) at Outperform

Evercore ISI analyst Nicholas Amicucci initiates coverage on Exelon (NASDAQ: EXC) with a Outperform rating and a price target of $57.00.

The analyst comments "We are initiating coverage on Exelon Corporation (EXC) with an Outperform rating and a $57 price target. Exelon’s service jurisdictions are very favorable from a regulatory perspective with ~92% of its rate-base expansion recoverable through supportive forward looking rate mechanisms. These favorable regulatory mechanisms significantly reduce the risk associated with the company’s outlook, which includes its ~$38B capital plan through 2028 and an EPS CAGR of ~5-7% over that period. We believe the stability and predictability of the company’s earnings growth profile supports a relative multiple to the industry at or above its historical average. Exelon’s large load pipeline stands firm at 17GW with an incremental 16GW of load expected to be formalized at the end of the year. Exelon has proven its ability to successfully bid projects and translate them into financial benefits, which we believe will continue despite the magnitude of expected demand. Overall, we are constructive on Exelon’s ability to execute on its pipeline potential and realize the financial benefits that follow given its favorable regulatory environment and rate making mechanisms."

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 $45.34 yesterday.

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