Scotiabank upgrades ‘cheap’ Eversource to Outperform

As previously reported, Scotiabank analyst Andrew Weisel upgraded Eversource to Outperform from Sector Perform with a $91 price target. At current levels, the stock “looks cheap” and “cheaper than seems justified for a high-quality utility” with a discount to peers that is its “largest in at least 20 years,” the analyst tells investors. The firm recognizes that sentiment might not change materially in the coming 12 months and admits “it may worsen,” but Scotiabank contends that the current “bearishness as excessive” and the stock’s valuation is “too attractive to ignore”