JPMorgan Raises Eversource Price Target

What happened: JPMorgan raised its price target on Eversource Energy (ES) to $75 from $72 on March 12, following model updates. BMO Capital, however, lowered its price target on ES to $75 from $79 on March 23, citing a recent regulatory decision. Meanwhile, JPMorgan lifted its price target on Vodafone Group (VOD) to 85 GBp from 71 GBp on March 19, maintaining an Underweight rating. On the same day, JPMorgan raised its price target on Edison International (EIX) to $74 from $66. BMO Capital raised its price target on EQT Corporation (EQT) to $76 from $68 on March 18, and Scotiabank raised its price target on Enterprise Products Partners L.P. (EPD) to $39 from $37 on March 17. Morgan Stanley maintained an Equal Weight rating on Array Technologies, Inc. (ARRY) with a reduced price objective of $7 on March 2.

Market impact: The updates from JPMorgan, BMO Capital, and Scotiabank reflect a mixed outlook on the energy and utility sectors. The price target increases for EQT, EPD, EIX, and ES suggest optimism about their operational performance and cash flow generation. Conversely, the price target reductions for ES and ARRY indicate concerns about regulatory risks and valuation. The price target increase for VOD reflects a more bullish stance on the telecommunications sector.

What to watch next: Investors should monitor Eversource Energy's earnings release on May 2, 2023, to assess the impact of the regulatory decision on its financial performance. Additionally, they should keep an eye on Vodafone Group's earnings release on May 18, 2023, to gauge the progress of its turnaround strategy. Lastly, investors should watch for any further regulatory developments that could impact the energy and utility sectors.