Eversource: Offshore Wind Milestone and Aquarion Sale Progress Underscore Compelling Upside to $80 Target

In a report released yesterday, Carly Davenport from Goldman Sachs maintained a Buy rating on Eversource Energy, with a price target of $80.00.

Carly Davenport has given his Buy rating due to a combination of factors tied to both offshore wind progress and regulatory clarity. He highlights that Revolution Wind has started supplying electricity to the New England grid, which meaningfully lowers execution and interference risk and supports confidence that the asset can reach full commercial operation in the second half of the year.

At the same time, he notes that the pending Aquarion sale appears closer to resolution, with a favorable draft decision from PURA and a final ruling expected soon, while legislative efforts that could hinder the deal have stalled. Together with these derisking developments, he views Eversource’s current valuation as compelling, supported by a price target of $80 that implies materially greater upside than the average across his coverage universe.

ES’s price has also changed moderately for the past six months – from $63.420 to $73.200, which is a 15.42% increase.