AES Corp. upgraded to Neutral from Underperform at BofA

BofA upgraded AES Corp. (AES) to Neutral from Underperform with a price target of $13, up from $11. The firm thinks a more disciplined approach reducing capital spending by $1.3B, focusing on higher-return investments and cutting $300M in costs makes the company’s 5%-7% EBITDA compound annual growth rate target through 2027 more attainable and thinks its revised plan improves execution visibility, the analyst tells investors.