Ross Fowler, an analyst from Bank of America Securities, maintained the Hold rating on Eversource Energy (ES – Research Report). The associated price target remains the same with $66.00.
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Ross Fowler has given his Hold rating due to a combination of factors influencing Eversource Energy’s performance. The company reported a modest Q4 2024 earnings beat, with EPS slightly above both BofA and consensus estimates. However, the guidance for FY 2025 EPS was below expectations, suggesting growth may be more pronounced in later years. This nonlinear growth trajectory, coupled with a rebase to a lower FY 2024 EPS compared to prior guidance, raises concerns about immediate earnings momentum.
Another factor impacting the Hold rating is the company’s equity issuance plans, which are lower than initially anticipated. While there is potential for future cash flow improvements through rate increases and cost recovery measures, these factors remain uncertain. Additionally, the revised capital plan and regulatory outcomes will be critical topics in upcoming discussions, particularly in light of legislative changes in Connecticut that may affect the company. These considerations contribute to a neutral stance on Eversource Energy’s stock.
In another report released on January 29, J.P. Morgan also maintained a Hold rating on the stock with a $65.00 price target.