Exelon downgraded to Market Perform from Outperform at BMO Capital

BMO Capital analyst James Thalacker downgraded Exelon (EXC) to Market Perform from Outperform with a price target of $49, down from $52. The firm believes regulatory uncertainty will keep the shares range-bound after PECO filed to withdraw its electric and gas rate cases. The stock to remain range-bound over the intermediate term given the lack of a visible path for multiple expansion, the analyst tells investors in a research note. BMO cites increased regulatory risk that extends across Exelon’s three primary operating companies for the downgrade.