AES Corp. initiated with an In Line at Evercore ISI

Evercore ISI initiated coverage of AES Corp. (AES) with an In Line rating and $15 price target While the firm appreciates AES’ passion for purpose and its diversified portfolio, it believes the company’s current risk/reward profile is less attractive relative to other diversified utility peers. Evercore added that it believes the company has a line of sight to achieving its EPS CAGR target for 2023-2027, but to do so believes retaining select coal assets will be needed, which would drive home incremental cost savings.