Market Overview

UPDATE: BMO Capital Markets Raises PT on Exelon Corporation on Dividend Cut

Related EXC
Markets Tumble; Kellogg Lowers Full-Year Forecast
Earnings Scheduled For July 31, 2014

In a report published Friday, BMO Capital Markets reiterated its Market Perform rating on Exelon Corporation (NYSE: EXC), and raised its price target from $29.00 to $32.00.

BMO Capital Markets noted, “EXC reported 4Q12/FY2012 EPS of $0.64/$2.85, modestly below our estimate of $0.68/$2.89. More importantly, the company announced a widely anticipated dividend cut. The revised annual dividend is $1.24/share effective 2Q13, as compared with $2.10/share previously – a 40% cut. We had anticipated a revised pay-out ratio between 50%-60%, which encompasses the revised dividend payout ratio of ~ 53% for 2014.”

Exelon Corporation closed on Thursday at $31.37.

Posted-In: BMO Capital MarketsAnalyst Color Price Target Analyst Ratings

 

Most Popular

Related Articles (EXC)

Around the Web, We're Loving...

Partner Network

Get Benzinga's Newsletters