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

BMO Capital analyst James Thalacker raised the firm’s price target on Eversource to $89 from $86 but keeps a Market Perform rating on the shares after traveling with its CFO Jeff Kotkin for investor meetings to discuss monetization of its offshore wind JV and unallocated leasehold acreage, the use of proceeds, regulatory landscape in Connecticut, and customer bills and the New England power supply dynamic. Despite the stock’s significant de-rating over the last 12 months, a neutral stance is warranted pending further clarity on the ultimate proceeds from the company’s monetization of its offshore wind assets, the analyst tells investors in a research note.