As previously reported, Wells Fargo downgraded Eversource (ES) to Equal Weight from Overweight with a price target of $63, down from $79, on denied regulatory approval on sale of Aquarion Water. The firm notes Public Utilities Regulatory Authority of Connecticut voted 4-0 to adopt a motion denying regulatory approval for the sale on the basis that the application failed to meet its burden of proof of the public interest. Wells says this is a major surprise given hopes that CT regulatory environment had turned around. General consensus was this would get done. The firm notes that “clearly this deal is off.”
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Read More on ES:
- Eversource falls after Connecticut denies sale of Aquarion unit
- Eversource downgraded to Equal Weight from Overweight at Wells Fargo
- Eversource price target raised to $80 from $79 at Goldman Sachs
- Eversource price target raised to $64 from $55 at Scotiabank
- Eversource price target lowered to $77 from $79 at BMO Capital