KeyBanc upgraded Avangrid (AGR) to Sector Weight from Underweight. A few overhangs have cleared, including Avangrid having prevailed in the NECEC legal challenges and constructive rate case settlements in New York and Maine, says the analyst, who also notes that valuation has moved toward the large-cap group average. There are some pending catalysts, including the merger with PNM Resources (PNM) and restructuring of offshore wind PPAs, but the firm believes the market is “adequately pricing in those risks,” the analyst added.
Published first on TheFly
See Insiders’ Hot Stocks on TipRanks >>
Read More on AGR:
