Eversource Energy: A Closer Look at Recent Developments

Eversource Energy, a major utility company in the Northeast, is catching some attention lately. Analysts are starting to see a brighter future for the company, thanks to some big changes in how it's regulated, especially in Connecticut. A recent upgrade from Bank of America's analyst Ross Fowler suggests that Eversource Energy is looking better than before. The analyst changed their rating from Neutral to Buy and bumped up the price target from $73 to $85. This move comes as Connecticut's regulatory environment is showing signs of improvement, making it a more favorable place for Eversource to operate. So, what's changing in Connecticut? Well, there's been a shake-up in the leadership of the state's utility regulator, the Public Utilities Regulatory Authority (PURA). New commissioners have been appointed, and they're seen as more balanced and experienced. This could mean smoother sailing for Eversource in the future. There are also some key events coming up that could impact Eversource's growth. One is the proposed decision on the sale of Aquarion, a water company that Eversource owns. Even if the sale doesn't go through, the company is expected to try to sell it again, showing that they're serious about simplifying their operations. Another big deal is the final order on Yankee Gas, another part of Eversource's business. The company is also working on recovering costs from past storms, which could help clean up their balance sheet and make it easier to fund new projects. All of this is good news for Eversource's earnings. Bank of America has raised their earnings forecasts for the company, expecting steady growth over the next few years. They're also projecting that the company's financial health will improve, making it a more attractive investment. But what does this mean for investors? Well, Eversource's stock has been inching up, and with all these positive developments, it could be a good time to take a closer look at the company. Of course, it's always important to do your own research and consider all the risks before making any investment decisions.