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Eversource Energy (NYSE:ES) is attractively valued and remains poised for 12-percent upside from current levels, according to a Morgan Stanley analyst.
The Analyst
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Morgan Stanley analyst Devin McDermott upgraded shares of Eversource Energy from Equal-weight to Overweight and upped the price target from $70 to $72.
The company is one of the analyst's top large-cap regulated picks into 2018.
The Thesis
Eversource Energy stock gives no credit for the $1.6-billion Northern Pass Transmission, or NTP, project and values the core utilities at a discount, McDermott said in a Wednesday note. The low end of the company's 5-7 percent growth guidance is achievable even without NTP, McDermott said.
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The analyst sees potential upside even without Northern Pass, and considers the project a "free option," worth up to $5 to $5.50 per share if it is completed.
The core utilities deserve a premium, given constructive regulatory relationships, a high-quality balance sheet, strong management team, limited exposure to tax reform and long-term growth driven by New England clean energy policies, according to Morgan Stanley.
The Price Action
The shares of Eversource Energy are up over 16 percent year-to-date.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.