AES Corp. downgraded to Underperform from Hold at Jefferies

Jefferies downgraded AES Corp. (AES) to Underperform from Hold with a price target of $9, down from $10. The firm cites valuation for the downgrade following the stock’s rerating, up 15% in the past week, post recent tax bill proposal. Jefferies says a likely decelerating renewable outlook on an eventual roll-forward of renewable business for 2027, the stock’s “pricey multiple,” and lingering credit rating uncertainty drive it to cut the price target It also cut reduced estimates modestly for AES.