"Our new price target is $2 lower at $39 as our utility valuation is increased but our genco valuation has decreased," the firm wrote in an analyst note.
But Barclays reiterated its "overweight" rating on shares of the Chicago-based utility services holding company.
"The utility earnings profile has strengthened compared to our previous estimates, mainly accounting for earlier rate filings and modestly improved expectations for closing earned-to-allowed ROE gap," the firm said.
"Although we have not yet seen a regulatory outcome for the legacy PEPCOHoldings jurisdictions, we believe that Exelon laid out a credible plan to support their projected utility earnings," Barclays added.
In March, regulators in Washington, DC approved Exelon's proposed acquisition of Pepco.
Shares of Exelon were edging down at the start of trading on Wednesday.
Separately, TheStreet Ratings Team has a "Buy" rating with a score of B+ on the stock.
The company's strengths can be seen in multiple areas, such as its revenue growth, reasonable valuation levels, good cash flow from operations and increase in stock price during the past year.
The team believes its strengths outweigh the fact that the company has had sub par growth in net income.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: EXC