Southern Company initiated with a Buy at Ladenburg

Ladenburg analyst Paul Fremont initiated coverage of Southern Company with a Buy rating and $72 price target. The completion of the Vogtle nuclear plant and its inclusion in Georgia Power rate base “should significantly de-risk” Southern’s business and add materially to its earnings and cash flow, the analyst tells investors in a research note. The firm says the combination of higher earnings, improving balance sheet and supportive regulatory environment should result in the market according a premium multiple on the shares.