UPDATE: Macquarie Upgrades Exelon

In Monday's morning summary, Macquarie analyst Angie Storozynski upgraded shares of Exelon EXC from Neutral to Outperform and lowered the price target from $37 to $36.

Storozynski sees forward heat rates in PJM as oversold due to continued coal plant retirements. She also said Exelon hedges along with recently expired fees for the long-term storage of spent nuclear fuel; the potential support in the legislature for its Illinois nuclear plants should support the company's earnings.