Evercore ISI analyst Durgesh Chopra downgraded Exelon (EXC) to In Line from Outperform with a price target of $39, down from $40, following yesterday’s Illinois rate case outcome. The final electric rate order from the ICC is “materially worse than expectations” with Ameren (AEE) and Exelon awarded ROEs of 8.72% and 8.905%, respectively, which are “significantly below” the U.S. national average of 9.6%, the analyst tells investors. The Commission also denied the Multi-Year Integrated Grid Plans for both companies, creating uncertainty about their outlooks, the analyst added.
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