© Reuters.  Eversource Energy upgraded to Buy at Janney after pullback© Reuters. Eversource Energy upgraded to Buy at Janney after pullback

  • Eversource (ES +0.6%) is upgraded to Buy from Neutral with a $63 price target at Janney Montgomery Scott, seeing the shares as attractive following a meaningful pullback.
  • While ES “has certainly seen some project development setbacks,” Janney says the Northern Pass Project opportunity still remains active and the Federal Energy Regulatory Commission may increase the allowable return on equity on transmission projects at some point.
  • Also, ES’s bid for Connecticut Water Service could, if successful, provide additional investments not yet baked in, Janney says.
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