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UPDATE: Deutsche Bank Upgrades Exelon to Buy; Value Opportunity on Dividend Cut Fears

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Deutsche Bank raised its rating on Exelon (NYSE: EXC) from Hold to Buy while lowering its price target from $35 to $34.

Deutsche Bank noted, "We have been in the negative or cautious camp on EXC all year, most notably given our EPS outlook after the June Analyst Day and views on valuation. With the stock down 34% YTD and 20% this month after CEO Crane cast doubts on dividend sustainability, however, we now see an opportunity for the value investor. EXC has lagged utilities by 11% and the S&P by 20% in November, yet the outlook has actually improved slightly as gas/power prices have strengthened. While our call may be early given dividend tax hike fears and EXC's own unresolved dividend overhang, we now see more risk in being too late. Risks are weak power prices and increased retail competition."

Exelon closed at $28.57 on Friday.

Latest Ratings for EXC

DateFirmActionFromTo
Aug 2014Tigress FinancialInitiates Coverage onNeutral
Aug 2014SunTrust Robinson HumphreyMaintainsNeutral
Aug 2014JefferiesMaintainsBuy

View More Analyst Ratings for EXC
View the Latest Analyst Ratings

Posted-In: Deutsche BankAnalyst Color Upgrades Pre-Market Outlook Analyst Ratings

 

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