Eversource downgraded to Neutral from Buy at Seaport on equity needs

As previously reported, Seaport Research analyst Angie Storozynski downgraded Eversource (ES) to Neutral from Buy with no price target Even if Eversource raises $2B from storm cost securitization in Connecticut and New Hampshire, the company should need more equity by late 2027, argues the analyst, who now assumes $800M in equity in addition to the $1.1B Eversource already plans to issue through 2029. The current valuation discount to electric utilities in the Northeast is “high,” but the firm struggles with positive catalysts for the stock besides the closing of the Aquarion sale, which is already embedded in its assumptions, the analyst added.