Jefferies starts Eversource with Underperform on dividend risk

Jefferies initiated coverage of Eversource (ES) with an Underperform rating and $52 price target The company faces rate case risk, “costly credit repair” and lingering offshore wind construction risk – all “without a critical data center thesis,” the analyst tells investors in a research note. The firm says this culminates in dividend questions. With earnings, credit, dividend, regulatory, and construction risks, Jefferies see too many challenges for Eversource to overcome at the current valuation.