UPDATE: Wunderlich Securities Maintains Buy, Lowers PT to $45 on Exelon

Wunderlich Securities reiterates its Buy rating on Exelon

and lowers its price target from $48 to $45 to reflect commodity prices. Wunderlich Securities says, "We are reducing our 2012/2013/2014 EPS estimates for combined Exelon Corporation (

)/Constellation Energy (CEG-$36.72, Buy) to $3.10/$3.12/$3.21 to reflect the decline in forward power and gas prices. Power sales are well hedged for 2012, but are more open in 2013/2014. Our previous estimates were $3.11/$3.51/$3.71. This reduction drives us to cut our target price on EXC to $45 from $48 previously. However, we maintain our Buy rating in light of the stock's relative valuation, its recent price decline, and the upcoming catalyst of the closing of the proposed merger with CEG. We expect Maryland regulators will approve the transaction on Feb. 17 and the merger will close shortly thereafter." EXC closed at $40.18 per share on Thursday.