Wells Fargo upgrades Eversource to Overweight, raises target to $78

As previously reported, Wells Fargo analyst Shahriar Pourreza upgraded Eversource (ES) to Overweight from Equal Weight with a price target of $78, up from $71. The firm argues that, in its base case, the stock screens as inexpensive and the broader mosaic is improving even without the Aquarion sale. In the bull case, the valuation looks even more compelling, Wells adds. While the firm’s estimates reflect the base case, it notes that the bull case is becoming increasingly plausible.