- SCANA (SCG -4.2%) is downgraded to Neutral from Buy with a $68 price target, cut from $80, at Mizuho after Toshiba, the backer for the company's nuclear construction projects in the U.S., went into financial meltdown.
- Mizuho says its investment thesis on SCG is changing for the worse following news that the company's construction consortium, spearheaded by Westinghouse and financially backed by Toshiba, may no longer be economically viable and that the burden of completing two new nuclear units may now fall on Scana alone.
- The firm thinks it is time to step away from the stock until there is much more clarity about ultimate costs and earnings power.