Evercore ISI downgraded Exelon (EXC) to In Line from Outperform with a price target of $48, up from $46. The stock has re-rated from a 12% discount previously to a small 4% discount multiple now and the firm’s thesis has played out with the stock closing the prior valuation gap, the analyst tells investors. The firm believes the shares warrant a peer target multiple, given that Exelon is an electric T&D utility that currently has an average growth profile without the generation investment upside that a premium vertically integrated company should command driven by data center load.
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