Exelon Corporation (EXC) Price Target Raised by $4 at Morgan Stanley

Exelon Corporation (NASDAQ:EXC) is included among the 12 Best Utility Stocks to Buy for Dividends.

A Fortune 200 company, Exelon Corporation (NASDAQ:EXC) is one of the country’s largest utility companies, serving more than 10.7 million customers through six fully regulated transmission and distribution utilities.

On October 22, Morgan Stanley raised Exelon Corporation (NASDAQ:EXC)’s price target from $49 to $53, while maintaining an ‘Equal Weight’ rating on its shares. The update comes as the analyst firm revises its price targets for Regulated & Diversified Utilities / IPPs in North America under its coverage. The analyst highlighted that the utilities sector outperformed the S&P last month. Moreover, with the upcoming Q3 reports, the firm expects the sector to focus on the evolution of data center pipelines and is looking for commentary around interconnection time.

Exelon Corporation (NASDAQ:EXC) remains focused on expansion, and the company is investing $38 billion through 2028, with an additional $10 billion to $15 billion on transmission work. Exelon is targeting to grow its earnings at a rate of 5% to 7% annually, with the expectation of delivering at the midpoint or better of that range.

Exelon Corporation (NASDAQ:EXC) declared a quarterly dividend of $0.40 per share in July and currently boasts an annual dividend yield of 3.32%.

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