Analyst Note| Andrew Bischof, CFA, CPA |
We are increasing our Exelon fair value estimate to $45 per share from $42 after Illinois lawmakers passed energy legislation that would provide subsidies to Exelon's Dresden and Byron nuclear plants. Gov. J.B. Pritzker has indicated he plans to sign the legislation, and Exelon has said it is in the process of refueling both plants. Our narrow moat and stable moat trend ratings remain unchanged.