Exelon upgraded at Wells Fargo, citing helpful nuclear power legislation

|About: Exelon Corporation (EXC)|By:, SA News Editor

Exelon (EXC +0.5%) edges higher after Wells Fargo upgrades shares to Outperform from Market Perform with a $57 price target, raised from $50, as the firm points to several factors including new supportive nuclear-related legislative initiatives, particularly in Illinois, where 60% of the nuclear capacity of the company's ExGen subsidiary is located.

Illinois has proposed clean energy legislation that establishes a supportive framework for nuclear power, which creates greater investor confidence around the long-term economic viability of ExGen’s nuclear generation in the state, Wells analyst Neil Kalton writes.

ExGen's nuclear fleet operates through the end of the units' various license extension periods (2029-49), which will likely require additional policy support, Kalton says.

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