Analyst William Appicelli of UBS maintained a Buy rating on Eversource Energy, with a price target of $77.00.
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William Appicelli has given his Buy rating due to a combination of factors including the recent developments in the Revolution Wind project. The lifting of the injunction by the U.S. District Court allows construction to resume, which is seen as a short-term positive for Eversource Energy. This progress is crucial as the project is already 80% complete, and any further delays could lead to significant cost increases.
Additionally, the stock appears to have already priced in the work stoppage, trading at a 24% discount compared to the Utility group, based on UBS’s 2027 EPS estimate. Despite the ongoing legal challenges, the likelihood of success on the merits of the underlying claims and the public interest in the project provide a favorable outlook. Furthermore, recent organizational changes and upcoming decisions in related cases add to the dynamic environment surrounding Eversource Energy, supporting the Buy rating with a price target of $77.
In another report released yesterday, Mizuho Securities also maintained a Buy rating on the stock with a $72.00 price target.
Based on the recent corporate insider activity of 38 insiders, corporate insider sentiment is neutral on the stock.