Citi is out with its report today on Southern Company SO, upgrading shares of SO from Hold to Buy.
In a note to clients, Citi writes, "We are upgrading our rating for SO to Buy (1L) from Hold (2L). SO shares are down too much. However, Southern's investment case continues to matriculate as noted in our last SO report on 3/11/11. Management's recent analyst conference confirmed our view that Southern's strong execution will continue to drive results. Up until today, valuation was the sole reason why we remained on the sidelines. Yesterday's absolute share price sell-off created a favorable risk-reward tradeoff, hence our upgrade today."
Citi has a $40 PT on shares of SO.
At the time of posting, shares of SO were trading pre-market at $37.25, down 1.06% from Monday's close.
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