Southern Co. (SO) PT Raised to $73 at BofA Securities

BofA Securities analyst Julien Dumoulin-Smith raised the price target on Southern Co. (NYSE: SO) to $73.00 (from $70.00) while maintaining a Neutral rating.

The analyst comments "We reiterate our Neutral on Southern Company (SO). We are updating our EPS estimates for 2024/2025/2026 to $4.00/$4.30/$4.56 from $4.01/4.27/$4.52 prior. We forecast Q1’24 EPS of 90c, matching consensus and guidance for the quarter. We increase our price objective to $73 versus $70, increasing the relative premiums to the peer 2026E P/E multiple for the Georgia and Alabama utilities by 1.0x to reflect general de-risking post-Vogtle and constructive regulatory paradigms providing stability."

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