Exelon downgraded to Neutral from Outperform at Mizuho

Mizuho analyst Anthony Crowdell downgraded Exelon (EXC) to Neutral from Outperform with a price target of $48, down from $51. The shares were also downgraded this morning at Barclays and BMO Capital. Mizuho expects a continued regulatory overhang on the shares across Exelon’s service territory. The company filed for a PECO rate increase on March 30 and after much political push-back, decided to withdraw its case and focus on operational efficiencies to offset expenses, the analyst tells investors in a research note. The firm views the withdrawal as an “important signal for the degrading regulatory environment in Pennsylvania.” Mizuho does not see any near-term catalysts to re-rate the stock.