Jefferies Upgrades Exelon To Buy From Hold

Jefferies is upgrading Exelon Corporation EXC to Buy from Hold based on the company's above average yield of 5.3%, which is roughly 100 basis points higher than the utility group average yield. “Exelon represents a free option on possible recovery in US power markets, which have suffered this year from declining commodity forward prices of gas and power,” Jefferies writes. “The company's 11 nuclear power plants are among the lowest cost producers of power with limited environmental exposure.”