Mizuho analyst Anthony Crowdell upgraded Southern Company to Buy from Neutral with a price target of $77, up from $72. The analyst says Vogtle 4 is nearing completion after cost overruns and delays. Once Vogtle Unit 4 is in-service, a "pure-play" Southern Company, operating in "constructive jurisdictions," should trade in line with other high-quality peers, the analyst tells investors in a research note. The firm sees a "line of sight" to the completion of Vogtle construction, with Vogtle Unit 3 generating 50% thermal power and Unit 4 undergoing hot functional testing.
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