Eversource price target raised to $61 from $50 at BofA

BofA raised the firm’s price target on Eversource to $61 from $50 and keeps an Underperform rating on the shares. The firm revised its EPS estimates and updated its target to reflect an updated peer group P/E multiple. While it recognizes balance sheet improvement through reallocation of capital out of Connecticut, raising $1.3B through equity issuances and/or asset sales, and divesting offshore wind it still sees below-average 5% EPS growth through 2028 for Eversource, leading BofA to reiterate an Underperform rating.