Exelon price target lowered to $38 from $41 at Barclays

Barclays lowered the firm’s price target on Exelon to $38 from $41 and keeps an Overweight rating on the shares following the negative rate order from the ICC last week for ComEd’s electric distribution business. While the firm acknowledges both multiple compression and earnings revisions are warranted, on its new 2024-2027 outlook its thinks the “shares are arguably cheap given the catalyst path ahead” and it is “not piling on” after the stock has underperformed XLU peers by 9.7% and seen six sell-side downgrades since the order.