Eversource Energy (ES) PT Lowered to $82 at Mizuho Securities
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Mizuho Securities analyst Paul Fremont lowered the price target on Eversource Energy (NYSE: ES) to $82.00 (from $85.00) while maintaining an Underperform rating.
The analyst commented, "We remain at our Underperform rating following the issuance of PURA’s draft order in the CL&P rate reduction proceeding. The proposed decision would result in a 45-basis-point reduction in base return on equity to 8.8% and would impose an incremental 90-basis-point storm penalty beginning November 2021 through the end of the company’s next rate proceeding. PURA also deferred judgement on CL&P's equity ratio until the next rate proceeding. The proposed order leads us to reduce to 5% the level of premium we ascribe for ES's regulated electric business. We are not updating our EPS estimates, which include a $0.07 adjustment for the storm ROE penalty in 2022."
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