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UPDATE: BMO Capital Markets Reiterates on The Southern Company Following Adjusted 3Q13 EPS Report

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In a report published Thursday, BMO Capital Markets analyst Michael S. Worms reiterated a Market Perform rating on The Southern Company (NYSE: SO), but lowered the price target from $45.00 to $43.00.

In the report, BMO Capital Markets noted, “SO reported adjusted 3Q13 EPS of $1.08 versus $1.11 in 3Q12 (consensus $1.11), with the decline largely reflecting unfavorable weather (-$0.07 from 3Q12/-$0.10 from normal). Results in 3Q13 exclude a charge of $0.11 for increased construction estimate for Kemper County IGCC. YTD charges against Kemper total $0.81 ($1.14 billion pretax). SO delayed the completion date for the project to 4Q14 (from 5/14) and indicated further delays/charges are possible. SO is absorbing construction costs for Kemper beyond the $2.88 billion cost cap (estimate $4.02 billion, from $3.87 billion at 2Q13).”

The Southern Company closed on Wednesday at $41.90.

Latest Ratings for SO

Mar 2017JefferiesUpgradesHoldBuy
Mar 2017Argus ResearchDowngradesBuyHold
Jan 2017Credit SuisseInitiates Coverage OnUnderperform

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Posted-In: BMO Capital Markets Michael S. WormsAnalyst Color Price Target Analyst Ratings


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