UPDATE: Credit Suisse Reiterates Outperform Rating, Lowers PT on Exelon Corporation as Value & Visible Optionality Are Most Important

In a report published Tuesday, Credit Suisse analyst Dan Eggers reiterated an Outperform rating on

, but lowered the price target from $40.00 to $39.00. In the report, Credit Suisse noted, "Sometimes owning (and for us recommending) EXC requires taking a step back and a deep breath as the stock has been a series of highs and lows over the past year. The 4Q call was one of those relative lows, distracted by justifiable but frustrating slippage on utility earnings mostly with interest rates hurting ROEs and pension expenses plus the known but not yet explicitly quantified lower marks on commodity prices. Looking bigger picture, fundamentals are still clearly going EXC's way through competitive power market reforms that will put a better price on capacity in May and eventually power, carbon policy in IL (by end of May) and nationally, and accretion with the POM deal (summer as well). In the simplest of terms, even on our lower estimates that ignore these upcoming positives the stock trades at 13.9x on '16 with a 3.8% yield against regulated utilities at 16.0x / 3.6% and the S&P 500 at 15.6x / 2.0%; in context, we are hard pressed not to want to own the stock." Exelon Corporation closed on Friday at $33.51.