Southern Co. (SO) PT Raised to $57 at Mizuho Securities

Mizuho Securities analyst Paul Fremont raised the price target on Southern Co. (NYSE: SO) to $57.00 (from $52.00) while maintaining an Underperform rating.

The analyst commented, "Southern has targeted the second half of March for the start of hot functional testing (HFT) of Vogtle Unit 3. The lag in ITAAC approvals supports our belief that the company is still far behind in closing out its work packages and turning its systems over to ITP testing. With roughly 220 ITAAC approvals remaining, will the company risk starting HFT if, in fact, many of its systems are untested? We increase our 2021-23 estimates to reflect an update in our forecast model for 2020 actual results along with an update in the company’s forecast construction spending. We remain Underperform-rated on SO shares and raise our PT to $57 (previously $52) on updated group multiples."

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