Eversource price target raised to $74 from $70 at BMO Capital

BMO Capital analyst James Thalacker raised the firm’s price target on Eversource to $74 from $70 and keeps a Market Perform rating on the shares. The firm is revising its model after the company announced the closing of the South Fork Wind and Revolution Wind sale to GIP, with adjusted gross proceeds from the transactions at $745M to be used to reduce parent debt, the analyst tells investors in a research note. BMO maintains that Eversource offers a unique profile within the sector given its largely decoupled, pure-play electric, gas, and water T&D operations.