Southern Company downgraded to Underweight from Equal Weight at Wells Fargo

Wells Fargo downgraded Southern Company (SO) to Underweight from Equal Weight with a price target of $84, down from $97. The downgrade does not reflect execution concerns, as management is viewed as among the best in the industry and supported by a strong load growth pipeline in the Southeast, particularly Georgia, the analyst tells investors in a research note. Instead, it reflects rising political and regulatory uncertainty in Georgia following last year’s election results, with additional noise expected into the 2026 cycle, Wells Fargo says.