Exelon price target lowered to $49 from $51 at TD Cowen

TD Cowen lowered the firm’s price target on Exelon (EXC) to $49 from $51 and keeps a Hold rating on the shares. The firm updated models in the utilities group post the Q1 reports. Utilities are increasingly expected to demonstrate incremental growth as cost-neutral, the analyst tells investors in a research note. TD expects the cadence of capital plan increases to accelerate, but cautions that over-promising is an issue.