** Scotiabank says it is "increasingly cautious" and does not see an attractive near-term outlook for U.S. utility stocks
** "Macro investor sentiment has been unambiguously risk-on since the U.S. elections ended with a swift and decisive Trump victory and Republican sweep last month" - brokerage
** During Trump's first term, in 2017, utilities fared worst, with 9% rise vs 16% growth in the broader market - Scotiabank
** However, the brokerage says theme of 2025 will be the robust outlook for electricity demand
** Downgrades Eversource Energy to "sector underperform", American Electric Power and Alliant Energy to "sector perform"
** Upgrades FirstEnergy and CenterPoint Energy
to "sector outperform", Consolidated Edison to "sector perform"
Brokerage also changes PT on the following firms:
Company New PT Old PT Upside/downside
to stock's last
close
Alliant Energy $67 $64 11%
CenterPoint Energy $35 $30 11%
Consolidated $100 $90 8%
Edison
Eversource Energy $56 $66 7% downside
FirstEnergy $50 $45 25%
CMS Energy $77 $75 15%
Dominion Energy $61 $58 12%
DTE Energy $147 $137 21%
Duke Energy $120 $113 9%
Exelon $42 $40 14%
Southern Co $98 $96 18%
(Reporting by Pooja Menon in Bengaluru)
((Pooja.Menon@thomsonreuters.com;))
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