Eversource downgraded to In Line from Outperform at Evercore ISI

Evercore ISI analyst Durgesh Chopra downgraded Eversource to In Line from Outperform with a price target of $65, down from $84. The company continues to work towards an offshore business sale, with the process taking longer than expected due to the higher interest rate environment and the complexity of the partnership structure, the analyst tells investors in a research note. The firm says rising rates plus the delayed proceeds planned for debt paydown have adversely impacted Eversource’s credit metrics. While the shares continue to trade at a large discount multiple, Evercore is looking for better clarity and execution on the planned offshore sale, says the analyst