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NEW YORK (TheStreet) -- Barclays reinstated coverage on Exelon Corp. (EXC) stock with an "overweight" rating on Thursday. The firm set a price target of $39 on the stock. 

On Wednesday, Washington D.C. regulators approved the company's proposed $6.8 billion takeover of Pepco (POM). The deal between the companies was also completed on Wednesday. 

After the combination was approved, Exelon is positioned for growth, Barclays said.  

"Given the above average growth potential for the utilities a premium may be warranted; however until synergy realization and rate construct are rationalized, we think a group average multiple is appropriate," the firm added.

Exelon stock closed up by 1.67% to $35.31 on Thursday.

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TheStreet Recommends

Separately, TheStreet Ratings team rates the stock as a "buy" with a ratings score of A-.

Exelon's strengths such as its compelling growth in net income, attractive valuation levels, good cash flow from operations, solid stock price performance and impressive record of earnings per share growth outweigh the fact that the company shows low profit margins.

You can view the full analysis from the report here: EXC

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 article's author.

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