Analyst Ross Fowler of Bank of America Securities reiterated a Hold rating on Eversource Energy, boosting the price target to $68.00.
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Ross Fowler has given his Hold rating due to a combination of factors impacting Eversource Energy. The primary concern is the regulatory challenges in Connecticut, particularly the recent halt in activities at the Revolution Wind project ordered by the Bureau of Ocean Energy Management. This stop-work order introduces uncertainty regarding the project’s timeline and costs, as the duration and nature of the review are currently unknown.
Additionally, while Eversource has agreed to sell its stake in the project, it still holds certain cost-sharing responsibilities, making it difficult to estimate the financial impact. The situation is further complicated by potential connections to other regional projects, such as the proposed extension of the Algonquin Pipeline. These factors contribute to a balanced risk-reward scenario, justifying the Hold rating.
Fowler covers the Utilities sector, focusing on stocks such as Eversource Energy, Alliant Energy, and Sempra Energy. According to TipRanks, Fowler has an average return of 6.5% and a 65.35% success rate on recommended stocks.