Mizuho lowered the firm’s price target on Southern Company to $73 from $76 and keeps a Buy rating on the shares. Last Thursday, the Illinois Commerce Commission made final decisions in four gas rate cases, providing them with below national average returns on equity and average equity ratio, the analyst tells investors in a research note. The firm revised utility price targets to account for current market multiples.
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Read More on SO:
- Investors to react negatively to Illinois gas rate case rulings, says UBS
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- Southern Company reports Q3 adjusted EPS $1.42, consensus $1.33
