Eversource price target lowered to $86 from $89 at BMO Capital

BMO Capital analyst James Thalacker lowered the firm’s price target on Eversource to $86 from $89 and keeps a Market Perform rating on the shares after its Q4 earnings miss. The company also rolled forward its five-year capital plan, which now totals $21.5B over the 2023-2027 period, though its positive update was overshadowed by other factors including the timing of the OSW sale process, the analyst tells investors in a research note. The firm maintains however that Eversource is a core holding for investors as its unique profile within the sector deserves a premium valuation given its largely decoupled, pure-play electric, gas, and water T&D operations and meaningful leverage to the offshore wind sector.