JPMorgan downgraded Eversource (ES) to Underweight from Neutral with a price target of $58, down from $69. Although President Trump announced a 90-day pause on higher reciprocal tariffs, raising tariffs on China to 125% still leaves the average effective tariff rate above 25%, the analyst tells investors in a research note. Given this backdrop, the firm views recession and tariff risks as “incrementally negative risks” to Eversource given the company’s residual offshore wind exposure and “structurally challenged” New England bill environment.
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