Exelon (EXC) PT Raised to $50 at Mizuho

Mizuho analyst Paul Fremont raised the price target on Exelon (NASDAQ: EXC) to $50.00 (from $43.00) while maintaining a Outperform rating.

The analyst commented: "We are updating our estimates and continue to believe EXC will further re-rate to a premium P/E multiple given 1) no significant regulatory activity in 2025, 2) a pure-play wires and pipes company providing relative safety in a risk-off tape, and 3) very limited wildfire risk. Additionally, recently passed legislation in MD codified MYRPs that will enable the PSC to approve similar type plans. EXC continues to focus on delivering its 5-7% EPS CAGR, and we highlight that the company currently has capex certainty through 2027. Following the challenging IL decision, EXC has been able to successfully redeploy capital into more constructive jurisdictions, which has caused the proportion of earnings coming from the ComED (IL) subsidiary to decrease to 25% from 31%. We increase our PT to $50 from $43 and highlight the stock for investors looking to play safety in a turbulent market."

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