Southern Company upgraded to Outperform at Evercore ahead of expected breakout

Evercore ISI upgraded Southern Company (SO) to Outperform from In Line with a price target of $111, up from $103. The firm, which continues to view Southern as “a core foundational utility holding for any utility investor,” has grown “incrementally bullish” over the last two months and believes shares are poised to “further breakout to all time highs.” The firm sees the potential for incremental additions to the company’s already enhanced capital plan, resulting from its favorable regulatory environment as well as its “prudent and strategic economic development program,” the analyst added.