Evercore ISI downgraded Ameren (AEE) to In Line from Outperform with a price target of $74, down from $88, following yesterday’s Illinois rate case outcome. The final electric rate order from the ICC is “materially worse than expectations” with Ameren and Exelon (EXC) awarded ROEs of 8.72% and 8.905%, respectively, which are “significantly below” the U.S. national average of 9.6%, the analyst tells investors. The Commission also denied the Multi-Year Integrated Grid Plans for both companies, creating uncertainty about their outlooks, the analyst added.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on EXC: