Analyst Ross Fowler of Bank of America Securities reiterated a Hold rating on Eversource Energy, boosting the price target to $73.00.
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Ross Fowler’s rating is based on a combination of factors that reflect both opportunities and uncertainties for Eversource Energy. The company’s balance sheet is reported to be strong and improving, which is a positive indicator for its financial health. Additionally, recent personnel changes at regulatory bodies in Connecticut and Massachusetts are expected to lead to more favorable oversight, which could benefit Eversource in the long run.
However, despite these positive developments, Fowler maintains a Hold rating as he awaits more concrete evidence of sustained regulatory improvements. The pending approval of the Aquarion sale and the outcome of the Yankee Gas rate case are crucial factors that could impact Eversource’s future performance. Furthermore, while the Revolution Wind project has been significantly derisked, there are still uncertainties regarding its final costs and completion timeline. These mixed signals contribute to a cautious outlook, justifying the Hold rating.
Based on the recent corporate insider activity of 38 insiders, corporate insider sentiment is neutral on the stock.