UPDATE: BMO Capital Markets Reiterates Market Perform Rating, Raises PT on Exelon Corporation on Dividend Cut

In a report published Friday, BMO Capital Markets reiterated its Market Perform rating on Exelon Corporation 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.