Eversource price target lowered to $68 from $85 at Argus

Argus lowered the firm’s price target on Eversource to $68 from $85 but keeps a Buy rating on the shares. The stock has sold off during the current elevated interest rate environment, though current prices could create a buying opportunity before the sector responds to lower rates, with shares seen as undervalued with a 2023 P/E ratio of 12.8 compared to its five-year average of 21-times, the analyst tells investors in a research note. Argus is also positive on the company’s “strong fundamentals, solid cost control, and expanding transmission-line construction program”.