Jefferies upgraded Southern Company (SO) to Buy from Hold with a price target of $100, down from $102. The company’s imminent request for proposal wins will “unlock superior rate base growth” versus peers, the analyst tells investors in a research note. The firm says Georgia Power’s likely 70% win of an 8.5 GW opportunity equals $12.9B of incremental capex, driving Southern Company’s earnings growth to 7.2% annually through 2029, accelerating to 7.9% through 2035. With regulatory certainty secured via a rate case settlement and financing already underway, the company’s execution risk diminishes while earnings power expands post 2027, justifying the upgrade, contends Jefferies.
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