Eversource price target lowered to $74 from $87 at BMO Capital

BMO Capital analyst James Thalacker lowered the firm’s price target on Eversource to $74 from $87 and keeps a Market Perform rating on the shares. The analyst cites the company’s latest 10-K disclosures as well as its recent offshore wind leasehold area sale announcement and other associated updates, cutting its FY24 EPS view by 5c to $4.64. The revisions include a lower assumed equity issuance price, a higher and more accelerated equity issuance assumption to support credit metric improvement due to lower assumed OSW proceeds, and increased parent drag driven by higher assumed interest rates, the firm tells investors in a research note.