Emera downgraded to Neutral at BofA on valuation

As previously reported, BofA downgraded Emera (EMA) to Neutral from Buy with a price target of C$69, down from C$74. The recent capital update and reaffirmed earnings guidance improve near-term visibility, but given the current premium the firm believes this is already priced in, the analyst tells investors. The less attractive economic and regulatory backdrop in Nova Scotia introduces uncertainty that tempers consolidated growth and the firm believes a premium is “difficult to justify solely on the Florida outlook,” absent other catalysts.