Southern Company downgraded to Neutral from Buy at Goldman Sachs

Goldman Sachs downgraded Southern Company (SO) to Neutral from Buy with a price target of $98, down from $106. The firm sees increased regulatory uncertainty following the Georgia Public Service Commission election limiting the stock’s valuation upside. Georgia’s shift in political makeup poses risk to Southern Company’s “premium” valuation due to the increased uncertainty “in a historically solid and certain regulatory jurisdiction,” the analyst tells investors in a research note.