2021-01-06 08:00:48 CNP CenterPoint Energy
Edison International
01/06/21 01/0608:00 01/06/2108:00 | Wells Fargo says buy CenterPoint Energy, sell FirstEnergyWells Fargo analysts Sarah Akers, Neil Kalton and Jonathan Reeder changed ratings on a number of stocks in their utilities/infrastructure coverage. They upgraded CenterPoint Energy (CNP) and Edison International (EIX) to Overweight from Equal Weight as they see an opportunity for multiple expansion in 2021. The analyst also downgraded Brookfield Renewable Partners (BEP), Brookfield Renewable (BEPC), Chesapeake Utilities (CPK), FirstEnergy (FE), Idacorp (IDA), PG&E (PCG), Pinnacle West (PNM) and SJW Group (SJW) to Underweight from Equal Weight. Their rating changes on Brookfield Renewable Partners, Brookfield Renewable, Chesapeake Utilities and Idacorp are primarily valuation calls while FirstEnergy, PG&E and SJW Group are more sentiment calls with heightened risk versus utility peers. Regarding Pinnacle West, the analysts "simply see limited upside" versus other utilities as shares trade close to the takeout price. Lastly, they downgraded American Electric (AEP) to Equal Weight from Overweight as they are less convinced in their prior re-rate thesis and Brookfield Infrastructure (BIPC) to Equal Weight from Overweight as the c-corp shares now trade at what seems to be too lofty 40%-45% premiums to economically equivalent BIP units. CenterPoint Energy
Edison International
Brookfield Renewable Partners
Brookfield Renewable
Chesapeake Utilities
FirstEnergy
Idacorp
PG&E
Pinnacle West
SJW Group
American Electric
Brookfield Infrastructure
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