Dernières nouvelles pour Iberdrola (OTC:IBDRY) Stock

IBERDROLA ADR

Iberdrola is one of the largest utilities in the world with electric utility operations in nearly 40 countries. The company has a 56-gigawatt portfolio of hydro, wind, natural gas, and nuclear power plants. It is the largest owner of wind farms in the world, representing about 40% of its portfolio. Although the company has recently developed or acquired distribution and power generation assets in other geographic areas, Spain is still home to around 50% of its power generation capacity. Iberdrola also owns and operates electricity and distribution networks in Spain, the UK, Brazil, and the US.

Iberdrola SA

Renewable energy stocks present a buying opportunity despite recent electoral headwinds, according to UBS analysts, while Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO Elon Musk continues to <a href="https://www.benzinga.com/news/24/09/41059891/elon-musk-says-because-almost-none-of-you-do-your-math-sums-the-world-is-largely-not-using-the-big-f">advocate solar power&#8217;s future dominance</a>.
What Happened: UBS analysts on Thursday elevated U.S. and EU renewables to their top-ranking stock theme, citing an attractive entry point following steep post-election losses, <a href="https://markets.businessinsider.com/news/stocks/renewable-energy-stocks-election-trump-power-demand-data-centers-ubs-2024-11">reported</a> Business Insider. 
The announcement comes as clean energy shares have tumbled, with companies like Plug Power Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLUG#NASDAQ">PLUG</a>) and Enphase Energy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ENPH#NASDAQ">ENPH</a>) down over 24% since President-elect Donald Trump&#8216;s victory.
&#8220;The environment of an unrelenting power demand shock puts just about every source of power generation in a solid position to capitalize,&#8221; UBS analysts wrote, pointing to surging power needs from artificial intelligence data centers and corporate sustainability goals.
The analysts remain optimistic despite Trump&#8217;s expected scaling back of President Joe Biden-era clean energy initiatives. They argue that companies could &#8220;grandfather&#8221; existing subsidies and that state-level emission goals will sustain industry growth. 
See Also: <a href="https://www.benzinga.com/news/global/24/11/42129914/jim-cramer-doubles-down-on-nvidia-demand-is-accelerating-as-ai-customers-have-no-choice-but-to-buy-its-chips">Jim Cramer Doubles Down On Nvidia: &#8216;Demand Is Accelerating&#8217; As AI Customers &#8216;Have No Choice&#8217; But To Buy Its Chips</a>
This view comes as Trump, <a href="https://www.benzinga.com/news/global/24/11/41927289/trump-appoints-elon-musk-and-vivek-ramaswamy-to-lead-doge-targeting-bureaucracy-and-65-trillion-federal-spending-we-will-not-go-gently">who has appointed Musk</a> and Vivek Ramaswamy to co-lead his new Department of Government Efficiency named after cryptocurrency Dogecoin, advocates for increased drilling.
Musk, despite his new role in the incoming Trump administration, has historically remained bullish on renewable energy. &#8220;Once you understand Kardashev Scale, it becomes utterly obvious that essentially all energy generation will be solar,&#8221; he posted on X. He noted that a single square mile receives <a href="https://www.benzinga.com/news/24/09/41059891/elon-musk-says-because-almost-none-of-you-do-your-math-sums-the-world-is-largely-not-using-the-big-f">approximately 2.5 gigawatts of solar energy</a>.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Once you understand Kardashev Scale, it becomes utterly obvious that essentially all energy generation will be solar. Also, just do the math on solar on Earth and you soon figure out that a relatively small corner of Texas or New Mexico can easily serve all US electricity.
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1839439841337225277?ref_src=twsrc%5Etfw">September 26, 2024</a></blockquote>
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UBS recommends several stocks poised for gains, including NextEra Energy Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEE#NYSE">NEE</a>) and Generac Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GNRC#NYSE">GNRC</a>) in the U.S., along with European players like Iberdrola (OTC:<a class="ticker" href="https://www.benzinga.com/stock/IBDRY#OTC">IBDRY</a>), Siemens Energy (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SMEGF#OTC">SMEGF</a>), and Orsted (OTC:<a class="ticker" href="https://www.benzinga.com/stock/DOGEF#OTC">DOGEF</a>). The analysts cite historical precedent, noting that solar installations grew 50% during Trump&#8217;s previous term.
The renewable sector&#8217;s growth potential is further supported by expanding applications, including Musk&#8217;s recent suggestion that SpaceX&#8217;s Starlink satellite network could integrate <a href="https://www.benzinga.com/news/24/10/41648885/spacex-ceo-elon-musk-agrees-that-starlink-could-combine-hardware-with-solar-panels-and-batteries">solar panels and batteries into its hardware offering</a>.
While Trump&#8217;s &#8220;drill baby, drill&#8221; <a href="https://www.benzinga.com/news/24/09/40703958/trumps-drill-baby-drill-pledge-may-not-deliver-promised-energy-price-cuts-experts-warn">stance has rattled markets</a>, UBS maintains that investor concerns about the sector&#8217;s future may be &#8220;overdone,&#8221; as corporate and state-level commitments to clean energy persist alongside growing power demands from emerging technologies.
Read Next:
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/42127938/bitcoin-analyst-warns-of-4-6-flash-crashes-before-year-end-as-it-inches-closer-to-100k-thats-the-moment-altcoins-shoot-off">Bitcoin Analyst Warns Of &#8216;4-6 Flash Crashes&#8217; Before Year-End As It Inches Closer To $100K: That&#8217;s The Moment Altcoins &#8216;Shoot Off&#8217;</a></li>
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Photo via Unsplash
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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As Trump Backs 'Drill Baby, Drill,' His DOGE Co-Lead Elon Musk Believes 'All Energy Generation Will Be Solar' — Here's What UBS Recommends After Election Dip

Ongoing flooding in Eastern and Southern Spain has caused one of the<a href="https://www.benzinga.com/topic/climate-change"> worst humanitarian disasters</a> in the region in decades.
What Happened: At least 158 people have been killed by flooding caused by torrential rain on Tuesday night and Wednesday, <a href="https://www.bbc.com/news/live/ckmgmdxg254t">according</a> to the BBC. The damage is concentrated around the Valencia region. In some areas, the eight-hour rainfall matched a typical year&#8217;s worth of rain.
<a href="https://www.businessinsider.com/spain-flooding-51-dead-in-valencia-region-economic-hub-2024-10">According</a> to Business Insider, an early insurer estimate of economic damage caused by the storm &#8220;easily&#8221; exceeds 1 billion euros.
Spanish Prime Minister Pedro Sánchez told residents to stay at home as more rain is expected to fall on Friday.
&#8220;To the villages and cities destroyed by this tragedy, I say the same: Together, we will rebuild your streets, your squares, your bridges," Sánchez said in a televised address, <a href="https://www.nbcnews.com/news/world/spain-flash-floods-people-killed-valencia-rcna177979">according</a> to NBC.
Why it Matters: Increases in the frequency of extreme weather events are widely attributed to climate change.
The automotive industry is prominent in Valencia. 
Ford Motor Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) has a large manufacturing plant in Almussafes, just south of Valencia. This facility is one of Ford&#8217;s key production sites in Europe. Significant flooding or infrastructure damage in this region could disrupt operations or logistics, potentially affecting Ford's production timelines.
Iberdrola SA (OTC:<a class="ticker" href="https://www.benzinga.com/stock/IBDRY#OTC">IBDRY</a>) is a large utility provider in Spain. <a href="https://www.nytimes.com/2024/10/30/world/europe/spain-floods-valencia.html?smid=tw-nytimes&amp;smtyp=cur">According</a> to the New York Times, the flood left 155,000 customers without power. General Electric Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GE#NYSE">GE</a>) does not have a manufacturing facility in the vicinity, though its partnership with Iberdrola and projects in Spain could cause some disruption.
Construction companies could stand to benefit from investment in the region following the cessation of the storm. Ferrovial SE (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FER#NASDAQ">FER</a>) and ACS Actividades De Construccion Y Servicios ADR (OTC:<a class="ticker" href="https://www.benzinga.com/stock/ACSAY#OTC">ACSAY</a>) are among Spain&#8217;s largest publicly traded construction companies.
Investors should also pay close attention to the Spain-tracking iShares Msci Spain ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWP#NYSE">EWP</a>) for any volatility in the coming days.
Also Read:
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<li><a href="https://www.benzinga.com/news/24/10/41262664/how-did-hurricanes-milton-helene-intensify-so-quickly-exxonmobils-scientists-warned-us-in-1977">How Did Hurricanes Milton, Helene Intensify So Quickly? ExxonMobil&#8217;s Scientists Warned Us&#8230; In 1977</a></li>
</ul>
Photo: Fernando Astasio Avila/Shutterstock.com

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Deadly Floods Strike Spain: 5 Stocks To Watch As Prime Minister Vows To 'Rebuild'

<a href="https://europeancapitalinsights.substack.com/p/starmer-woos-global-investors-at?r=3nmatg">British Prime Minister Keir Starmer unveiled</a> that he wants to <a href="https://www.upi.com/Top_News/World-News/2024/10/14/Starmer-pledges-red-tape-bonfire/8461728902034/">attract billions of pounds of investments</a> during his speech at a UK investment summit on Monday.&nbsp;
The inaugural International Investment Summit in London secured <a href="https://x.com/RachelReevesMP/status/1845867474161397762"> £63 billion in investments and nearly 38,000 in jobs</a>, Chancellor of the Exchequer Rachel Reeves posted on X.
The one-day summit underscored the efforts that Starmer is undertaking to revive the country's economy. <a href="https://open.substack.com/pub/europeancapitalinsights/p/british-gdp-growth-wont-offset-borrowing?r=3nmatg&amp;utm_campaign=post&amp;utm_medium=web">UK GDP grew at 0.2% in August after flatlining in June and July</a>.
Starmer <a href="https://www.gov.uk/government/speeches/pm-international-investment-summit-speech-14-october-2024">told 300 executives</a> that his government would &#8220;rip out the bureaucracy that blocks investment" by slashing red tape.&nbsp;
&#8220;Private sector investment is the way we rebuild our country and pay our way in the world," he said. "Make no mistake, this is a great moment to back Britain."
<figure class="wp-block-image is-resized"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXe4sJORXSeN3TFcQLuAZV_h0SVNljSQGu51-mrEuJrLF9cfBj8T3_S8sobDpABfGg0yJOdkf8QEqEmERVzNEy3MV7Z3lr93yrOB-x59A7hjnOXcQpXUOfXGPOTsrcxa5lZTjdcgvGAO_st8EP1EbSUMx67f?key=5dTNHPxUo5BamslZNWOJJA" alt="" style="width:624px" /></figure>
UK's Foreign Direct Investments, Source: <a href="https://www.ons.gov.uk/economy/nationalaccounts/balanceofpayments/bulletins/foreigndirectinvestmentinvolvingukcompanies/2022">Office for National Statistics</a>
<h3 class="wp-block-heading has-text-align-left">UK Summit Attracts US Data Center Providers</h3>
US firms CyrusOne, ServiceNow, Cloud HQ and CoreWeave announced as part of the summit that <a href="https://www.gov.uk/government/news/tech-secretary-welcomes-foreign-investment-in-uk-data-centres-which-will-spur-economic-growth-and-ai-innovation-in-britain">they would invest a total of £6.3 billion </a>in the country&#8217;s data infrastructure. That takes the total investment in UK data centers to over £25 billion since this government took office.
British Technology Secretary Peter Kyle welcomed the ‘vote of confidence' in Britain. 
&#8220;Tech leaders from all over the world are seeing Britain as the best place to invest with a thriving and stable market for data centers and&nbsp;AI&nbsp;development.&#8221;&nbsp;
ServiceNow (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOW#NYSE">NOW</a>) plans to invest £1.15 billion into its UK business over the next 5 years.
&#8220;AI-powered transformation is a generational opportunity,&#8221; ServiceNow Chairman and&nbsp;CEO&nbsp;Bill McDermott<a href="https://www.gov.uk/government/news/tech-secretary-welcomes-foreign-investment-in-uk-data-centres-which-will-spur-economic-growth-and-ai-innovation-in-britain"> said</a>. &#8220;ServiceNow's investment will accelerate the UK's innovation blueprint.&#8221;
<h3 class="wp-block-heading">UK Summit Secures Investments</h3>
Labour said ahead of the summit that it has secured "<a href="https://www.gov.uk/government/news/major-investment-deals-set-to-be-announced-at-governments-inaugural-international-investment-summit-as-pm-vows-to-remove-needless-regulation-declar">tens of billions worth of investments</a> within 100 days of being in office." That included more than £24 billion worth of investment in clean energy projects.
Spain's Iberdrola (OTC:<a class="ticker" href="https://www.benzinga.com/stock/IBDRY#OTC">IBDRY</a>), one of the <a href="https://open.substack.com/pub/europeancapitalinsights/p/european-energy-under-threat-from?r=lo563&amp;utm_campaign=post&amp;utm_medium=web">biggest energy companies in Europe</a>, doubled its investment in the UK to £24 billion. Denmark's Orsted (OTC:<a class="ticker" href="https://www.benzinga.com/stock/DOGEF#OTC">DOGEF</a>) unlocked £8bn and GreenVolt £2.5bn of investment in offshore wind farms.&nbsp;
But confidence in the economy has been hurt by social tensions around illegal immigration and uncertainty about the upcoming budget. An escalation in <a href="https://open.substack.com/pub/europeancapitalinsights/p/geopolitical-risks-may-be-biggest?r=lo563&amp;utm_campaign=post&amp;utm_medium=web">geopolitical tensions in the Middle East</a> has undermined sentiment.
Starmer's and Reeve's popularity has fallen steeply since they won elections in July. In September, consumer confidence crashed by the most in two-and-a-half years.&nbsp;
The <a href="https://www.benzinga.com/topic/uk-ftse-100">FTSE 100</a> traded flat after Starmer's speech. <a href="https://tradingeconomics.com/united-kingdom/calendar">With UK jobs data due</a> out Tuesday and&nbsp; inflation on Wednesday, markets focused on <a href="https://uk.finance.yahoo.com/news/live/ftse-100-live-european-stock-markets-wall-street-082512903.html">key economic data</a>.
<figure class="wp-block-image is-resized"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXc7GAESCPICv80hwMEA0uw7nohPbwd8Y0EWU_l31h92d8G5y2s4KU045BXLrdhTwsPhT9y52oiTrGTM1q5HRatDIXncz5IO5Vj0nv_HrcbYAOpE13L0chKRYT_CKZATy1zv0uaZJYNiY9ugSBRGp_GT7F4U?key=5dTNHPxUo5BamslZNWOJJA" alt="" style="width:624px" /></figure>
FTSE 100 Performance Year-to-date, Source: TradingView
<h3 class="wp-block-heading">UK Summit Gets Support From Banks</h3>
Ahead of the UK summit, some of the world's biggest banks and companies offered an upbeat message. In a letter to The Times, five of the world's biggest banks joined private ­equity firms, insurers and tech giants to say it was "<a href="https://www.thetimes.com/article/89afda46-2ced-481c-b4a0-0da65d2a6a1e?shareToken=206261895595c2ed7be6fe2d7796544e">time to invest in Britain</a>."
<a href="https://www.thetimes.com/article/89afda46-2ced-481c-b4a0-0da65d2a6a1e?shareToken=206261895595c2ed7be6fe2d7796544e">The 14 signatories</a> include JPMorgan, Goldman Sachs, Bank of America, Citigroup and UBS. Insurers Aviva and L&amp;G signed the letter, alongside private equity firms including Blackstone and KKR.
They pointed to stability, universities, legal expertise and financial services already providing the "bedrock of a strong investment proposition." Growth in the technology and energy sectors had "further enhanced Britain's position."
Confirmed speakers included Ruth Porat, President &amp; Chief Investment Officer of Alphabet and David A. Ricks Chair and CEO of Eli Lilly. Alex Kendall, CEO of Wayve, and Pushmeet Kohli Vice President of Research at <a href="https://widgets.benzinga.com/topic/deepmind">Google DeepMind</a>, were confirmed to attend.
Some participants, though, expressed frustration about the <a href="https://www.cnbc.com/2024/10/14/uk-international-investment-summit-labour-woos-new-business-to-britain.html">lack of information surrounding the summit</a>, CNBC reported. Many multinational executives and tech leaders declined to attend or weren't invited. The Financial Times partly attributed the summit&#8217;s turnout to <a href="https://www.france24.com/en/live-news/20241014-starmer-vows-to-cut-red-tape-as-he-urges-foreign-investors-to-back-uk">concerns over its &#8220;quality and organization</a>."
<h3 class="wp-block-heading">UK Summit Undermined By Musk Controversy</h3>
Critics have also questioned the Labour Party's decision not to invite billionaire Elon Musk to the UK summit.&nbsp;
"Extraordinary failure by the UK government to exclude @elonmusk&nbsp; from the UK Business Summit," James McMurdock, a Reform UK MP, wrote on X. "His absence is a blow to Britain's future and growth potential. We should be engaging with global innovators, not sidelining them."
Technology Secretary <a href="https://www.independent.co.uk/topic/peter-kyle">Peter Kyle</a> denied Musk had been snubbed. But British Business Secretary Jonathan Reynolds failed to provide a clear answer as to why Musk wasn't invited.
"I am not going to comment on the reasons for any specific person," he said during an interview on SkyNews. "If people have an investment proposition for the UK, I will talk to them about it."
<h3 class="wp-block-heading">Musk Hits Back After UK Submit Snub</h3>
Musk hit back after not being invited. &#8220;I don't think anyone should go to the UK when they're releasing convicted pedophiles in order to imprison people for social media posts,&#8221; Musk posted on X.
He was apparently referring to the <a href="https://www.msn.com/en-in/news/uknews/britain-hosts-an-international-investment-summit-and-denies-snubbing-elon-musk/ar-AA1seBzA">government's decision to release hundreds of inmates</a> — though not sex offenders — early because of overcrowded prisons, the Independent reported.
Musk has clashed with British officials about their crackdown on free speech.&nbsp;
The tech billionaire posted a comment on X saying that "Civil war is inevitable" in the UK.&nbsp;
Justice Minister Heidi Alexander said that using language such as "civil war" was unacceptable.&nbsp;&nbsp;
Disclaimer
Any opinions expressed in this article are not to be considered investment advice and are solely those of the authors. European Capital Insights is not responsible for any financial decisions made based on the contents of this article. Readers may use this article for information and educational purposes only.
This article is from an unpaid external contributor. It does not represent Benzinga&#8217;s reporting and has not been edited for content&nbsp;or&nbsp;accuracy.

General

Starmer Woos Global Investors At UK Summit

The Maine Public Utilities Commission approved Avangrid&#39;s request for an exemption from approval requirements for a change in ownership

Reported Earlier, Avangrid Secures Merger Exemption From Maine PUC, Paving Way For Iberdrola's Full 100% Ownership

BP PLC&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BP#NYSE">BP</a>) shares are trading higher after the company reported fourth-quarter FY23&nbsp;<a target="_blank" href="https://www.bp.com/content/dam/bp/business-sites/en/global/corporate/pdfs/investors/bp-fourth-quarter-2023-results.pdf" rel="noreferrer noopener">results</a>.
Sales and other operating revenues came in at $52.14 billion, missing the consensus of $62.34 billion.
Production was 899 mboe/d (-6.0% Y/Y), with underlying production down 3.8% Y/Y due to lower base performance, particularly in Egypt.
The Renewables pipeline stood at 58.3GW (bp net), including 19.3GW bp net share of Lightsource BP&#8217;s pipeline in the quarter.&nbsp;
Adjusted EBITDA declined to $10.57 billion from $13.10 billion a year ago. Underlying RC profit per American Depositary Share (ADS) came in at $1.07, <a href="https://www.benzinga.com/calendars/earnings" target="_blank" rel="noreferrer noopener">beating the consensus of $0.15. </a>
Operating cash flow was $9.38 billion, compared to $13.57 billion in the prior-year quarter. Capital expenditure declined to $4.71 billion from $7.37 billion a year ago. Net debt lowered to $20.91 billion from $21.42 billion a year ago.
Also Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/02/36906281/bp-shuts-whiting-refinery-due-to-transformer-failure-sparks-fuel-supply-fears-report" rel="noreferrer noopener">BP Shuts Whiting Refinery Due To Transformer Failure, Sparks Fuel Supply Fears: Report</a>
In 2023, BP started up four major projects, including Seagull, in the fourth quarter. Seagull is expected to add around 15 thousand barrels of oil equivalent per day of net production by 2025.
Related:&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/01/36799247/wind-of-change-energy-giants-equinor-bp-give-offshore-wind-power-project-deal-a-second-chance" rel="noreferrer noopener">Wind Of Change: Energy Giants Equinor &amp; BP Give Offshore Wind Power Project Deal A Second Chance</a>
Also, the company formed a joint venture with&nbsp;Iberdrola SA&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/IBDRY#OTC">IBDRY</a>) to accelerate EV charging infrastructure roll-out in Spain and Portugal, with a plan to invest up to €1 billion and install 5,000 fast EV charge points by 2025 and around 11,700 by 2030.&nbsp;
Dividend:&nbsp;BP announced a dividend per share of 7.270 cents, payable to common shareholders and ADS holders, on March 28, 2024, with a record date of February 16, 2024.
Repurchase: During the quarter, the company completed $1.5 billion share buybacks announced in third-quarter results. BP plans to execute a $1.75 billion share buyback before reporting the first quarter results.
BP expects to buy back $3.5 billion of shares in the first half of 2024 and expects to repurchase at least $14 billion through 2025.
First-Quarter FY24 Outlook: BP expects reported upstream production to be higher<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">&nbsp;compared to the fourth quarter FY23</a>.&nbsp;
The company expects seasonally lower volumes across most businesses and the absence of one-off positive effects from the fourth quarter.
Guidance:&nbsp;BP continues to expect both reported and underlying upstream production to be slightly higher Y/Y in FY24. The company projects capital expenditure (including inorganic capital expenditure) to be around $16 billion, weighted towards the first half of FY24.
For FY24 and FY25, the company expects capital expenditure of around $16 billion per annum, in line with its medium-term target of $14 billion-18 billion.
Last month, BP disclosed the appointment of Murray Auchincloss as its&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/01/36655564/bps-ceo-search-success-interim-ceo-takes-the-helm-permanently" rel="noreferrer noopener">chief executive officer (CEO), effective immediately</a>.
Price Action: BP shares are up 5.52% at $36.13 premarket on the last check Tuesday.

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Movers

Why Oil Major BP Shares Are Surging Today

Sustainable energy company&nbsp;Avangrid Inc&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/agr#NYSE">AGR</a>), a member of the&nbsp;Iberdrola S.A.&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/ibdry#OTC">IBDRY</a>) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/ibdsf#OTC">IBDSF</a>) Group, has terminated the merger agreement with&nbsp;PNM Resources, Inc&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/pnm#NYSE">PNM</a>) as all final regulatory&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/pressreleases/24/01/b36446173/avangrid-statement-on-pnm-resources-inc-merger" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">approvals were not received by December 31, 2023</a>.
Avangrid added that it has been fighting since 2020 to gain approval of its merger with PNM, a merger that would bring over $300 million in benefits to PNM consumers and communities.
The two parties had obtained all the necessary regulatory approvals for the closing of the merger by the end of 2022, except the approval of the New Mexico Public Regulation Commission.&nbsp;
Even at the end of 2023, there is no clear timing on the resolution of the court review of the New Mexico regulator&#39;s denial of the merger.
Avangrid will continue to focus on its growth opportunities, with over $9 billion in incremental capital projects secured during the pendency of the merger.
Developing new renewable energy projects, including powering Vineyard Wind, delivering over $5 billion in capital projects under its New York and Maine multi-year rate plans plus an incremental $2 billion in capital projects are in the pipeline for the company.
Avangrid reaffirmed its EPS and Adjusted EPS 2023 guidance of&nbsp;<a class="editor-rtfLink" href="https://s24.q4cdn.com/489945429/files/doc_financial/2023/q3/FINAL-Presentation-3Q-23.pdf" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">$1.90 - $2.10 and $2.20 - $2.35</a>&nbsp;respectively.
On February 6, 2024, PNM Resources plans to provide a financial update, including preliminary 2023 results, 2024 guidance, and the continued&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/pressreleases/24/01/n36446178/pnm-resources-announces-avangrid-termination-of-merger-agreement-schedules-financial-update" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">5% long-term earnings growth target.</a>
&quot;We are greatly disappointed with Avangrid&#39;s decision to terminate the merger agreement and its proposed benefits to our customers, communities and shareholders,&quot; said Pat Vincent-Collawn, PNM Resources Chairman and CEO.
Price Action: PNM shares traded lower by 3.87% at $39.99 premarket Tuesday.
Photo via Company

IBDSF

Why Energy Holding Company PNM Resources Shares Are Sliding Today

AVANGRID commends the efforts of the U.S. Department of Justice, the federal government, and the Vineyard Wind 1 project team to defend the nation&#39;s first commercial-scale offshore wind project

Legal

AVANGRID Comments That Ruling Issued By The U. District Court Acknowledges Rigorous And Thorough Administrative Review That Vineyard Wind 1 Project Underwent

<ul>
<li>Mercedes Benz Group ADR&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/mbgyy#OTC">MBGYY</a>) has concluded a&nbsp;<a class="editor-rtfLink" href="https://group-media.mercedes-benz.com/marsMediaSite/en/instance/ko/Mercedes-Benz-underlines-ESG-commitment-with-substantial-achievements-and-measurable-targets.xhtml?oid=55732006&amp;ls=L3NlYXJjaHJlc3VsdC9zZWFyY2hyZXN1bHQueGh0bWw_c2VhcmNoVHlwZT1mbGV4JnNlYXJjaFN0cmluZz1OTVNfRmxleFNlYXJjaF9OZXdzT25seUNvbXBhbnkmcmVzdWx0SW5mb1R5cGVJZD00MDYyNiZmbGV4SW5mb1R5cGVzPTQwNjI2JTJDNDA2MzA!&amp;rs=0" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">power purchase agreement (PPA) with Spain&#39;s&nbsp;</a>renewable energy company,&nbsp;Iberdrola S.A.&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/ibdry#OTC">IBDRY</a>) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/ibdsf#OTC">IBDSF</a>).</li>
<li>This contract alone allows Mercedes-Benz to secure over 140MW of renewable electricity from 2027 onwards, covering around 30% of its electricity needs in Germany.&nbsp;</li>
<li>Mercedes&#39; production chief Joerg Burzer said the company is looking to harness wind energy in the North of Germany and install solar capacity in the south, reported&nbsp;<a class="editor-rtfLink" href="https://www.reuters.com/business/sustainable-business/mercedes-amps-up-renewable-energy-switch-with-iberdrola-wind-deal-2023-03-30/" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">Reuters</a>.</li>
<li>Southern Germany, while getting ample sunshine, lacks wind power.</li>
<li>The report added that Mercedes will invest a three-digit million euro figure in the Iberdrola deal.</li>
<li>Also Read:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/03/31433360/eu-court-says-mercedes-must-pay-damages-in-diesel-lawsuit-report" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">EU Court Says Mercedes Must Pay Damages In Diesel Lawsuit</a></li>
<li>The company aims for an 80% cut in CO2 emissions by 2030 and intends to increase renewable energy to account for 70% of overall energy needs at own production sites, not least through increased on-site generation capacity.</li>
<li>&quot;Of course there are periods where the sun doesn&#39;t shine and the wind doesn&#39;t blow, but these are not so common in Europe. Hydrogen can secure the remaining part,&quot; said Burzer.</li>
<li>Price Action: MBGYY shares are trading higher by 1.24% at $19.26 on the last check Thursday.</li>
<li>Photo Via Company</li>
</ul>

Media

MERCEDES-BENZ UNSP / ADR by Mercedes Benz Group AG

MBGYY

Mercedes-Benz Accelerates Carbon-Neutral Efforts: Inks Power Purchase Agreement With Iberdrola

&nbsp;
<h2>Upgrades</h2>
<ul>
<li>According to Raymond James, the prior rating for Roper Technologies Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ROP#NYSE">ROP</a>) was changed from Outperform to Strong Buy. In the second quarter, Roper Technologies showed an EPS of $3.76, compared to $2.94 from the year-ago quarter. The stock has a 52-week-high of $499.21 and a 52-week-low of $362.90. At the end of the last trading period, Roper Technologies closed at $447.58.</li>
<li>Barclays upgraded the previous rating for Union Pacific Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNP#NYSE">UNP</a>) from Equal-Weight to Overweight. Union Pacific earned $2.72 in the second quarter, compared to $1.67 in the year-ago quarter. At the moment, the stock has a 52-week-high of $231.26 and a 52-week-low of $171.50. Union Pacific closed at $201.74 at the end of the last trading period.</li>
<li>According to Barclays, the prior rating for Southwest Airlines Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LUV#NYSE">LUV</a>) was changed from Equal-Weight to Overweight. Southwest Airlines earned $0.35 in the second quarter, compared to $2.67 in the year-ago quarter. At the moment, the stock has a 52-week-high of $64.75 and a 52-week-low of $36.05. Southwest Airlines closed at $54.35 at the end of the last trading period.</li>
<li>For DuPont de Nemours Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DD#NYSE">DD</a>), JP Morgan upgraded the previous rating of Neutral to Overweight. In the second quarter, DuPont de Nemours showed an EPS of $1.06, compared to $0.70 from the year-ago quarter. The current stock performance of DuPont de Nemours shows a 52-week-high of $87.27 and a 52-week-low of $53.52. Moreover, at the end of the last trading period, the closing price was at $69.13.</li>
<li>According to JP Morgan, the prior rating for John Bean Technologies Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JBT#NYSE">JBT</a>) was changed from Underweight to Neutral. For the second quarter, John Bean Technologies had an EPS of $1.19, compared to year-ago quarter EPS of $1.09. The stock has a 52-week-high of $161.05 and a 52-week-low of $80.74. At the end of the last trading period, John Bean Technologies closed at $143.15.</li>
<li>According to Wells Fargo, the prior rating for South Jersey Industries Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SJI#NYSE">SJI</a>) was changed from Equal-Weight to Overweight. For the second quarter, South Jersey Indus had an EPS of $0.02, compared to year-ago quarter EPS of $0.01. At the moment, the stock has a 52-week-high of $29.24 and a 52-week-low of $18.70. South Jersey Indus closed at $21.25 at the end of the last trading period.</li>
</ul>
<a href="https://pro.benzinga.com/blog/how-to-understand-option-alerts/">See all analyst ratings upgrades.</a>
&nbsp;
<h2>Downgrades</h2>
<ul>
<li>For Tractor Supply Co (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSCO#NASDAQ">TSCO</a>), B of A Securities downgraded the previous rating of Buy to Neutral. In the second quarter, Tractor Supply showed an EPS of $3.19, compared to $2.90 from the year-ago quarter. The current stock performance of Tractor Supply shows a 52-week-high of $213.68 and a 52-week-low of $127.78. Moreover, at the end of the last trading period, the closing price was at $201.36.</li>
<li>According to B of A Securities, the prior rating for Guidewire Software Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GWRE#NYSE">GWRE</a>) was changed from Neutral to Underperform. For the fourth quarter, Guidewire Software had an EPS of $0.37, compared to year-ago quarter EPS of $0.83. At the moment, the stock has a 52-week-high of $134.22 and a 52-week-low of $91.77. Guidewire Software closed at $118.47 at the end of the last trading period.</li>
<li>For ContextLogic Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WISH#NASDAQ">WISH</a>), Oppenheimer downgraded the previous rating of Perform to Underperform. Interestingly, in the second quarter, ContextLogic&#39;s EPS was $0.18. The current stock performance of ContextLogic shows a 52-week-high of $32.85 and a 52-week-low of $5.26. Moreover, at the end of the last trading period, the closing price was at $5.35.</li>
<li>According to B of A Securities, the prior rating for Vertex Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VERX#NASDAQ">VERX</a>) was changed from Neutral to Underperform. Vertex earned $0.08 in the second quarter, compared to $0.16 in the year-ago quarter. The current stock performance of Vertex shows a 52-week-high of $39.71 and a 52-week-low of $16.06. Moreover, at the end of the last trading period, the closing price was at $20.18.</li>
<li>For Amplify Energy Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMPY#NYSE">AMPY</a>), Roth Capital downgraded the previous rating of Buy to Neutral. For the second quarter, Amplify Energy had an EPS of $0.92, compared to year-ago quarter EPS of $1.10. The current stock performance of Amplify Energy shows a 52-week-high of $5.78 and a 52-week-low of $0.62. Moreover, at the end of the last trading period, the closing price was at $5.75.</li>
<li>For Omeros Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OMER#NASDAQ">OMER</a>), Maxim Group downgraded the previous rating of Buy to Hold. For the second quarter, Omeros had an EPS of $0.46, compared to year-ago quarter EPS of $0.61. At the moment, the stock has a 52-week-high of $23.85 and a 52-week-low of $7.51. Omeros closed at $8.54 at the end of the last trading period.</li>
<li>JP Morgan downgraded the previous rating for Aon PLC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AON#NYSE">AON</a>) from Overweight to Neutral. For the second quarter, Aon had an EPS of $2.29, compared to year-ago quarter EPS of $1.96. The stock has a 52-week-high of $302.33 and a 52-week-low of $179.52. At the end of the last trading period, Aon closed at $291.08.</li>
<li>Raymond James downgraded the previous rating for Acceleron Pharma Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/XLRN#NASDAQ">XLRN</a>) from Strong Buy to Market Perform. For the second quarter, Acceleron Pharma had an EPS of $1.05, compared to year-ago quarter EPS of $0.34. At the moment, the stock has a 52-week-high of $189.99 and a 52-week-low of $99.98. Acceleron Pharma closed at $174.35 at the end of the last trading period.</li>
<li>For II-VI Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IIVI#NASDAQ">IIVI</a>), Barclays downgraded the previous rating of Equal-Weight to Underweight. For the fourth quarter, II-VI had an EPS of $0.88, compared to year-ago quarter EPS of $1.18. At the moment, the stock has a 52-week-high of $100.44 and a 52-week-low of $40.00. II-VI closed at $60.59 at the end of the last trading period.</li>
<li>JP Morgan downgraded the previous rating for 3M Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MMM#NYSE">MMM</a>) from Overweight to Neutral. In the second quarter, 3M showed an EPS of $2.59, compared to $1.78 from the year-ago quarter. The stock has a 52-week-high of $208.95 and a 52-week-low of $156.13. At the end of the last trading period, 3M closed at $176.68.</li>
<li>For Idacorp Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IDA#NYSE">IDA</a>), Wells Fargo downgraded the previous rating of Equal-Weight to Underweight. For the second quarter, Idacorp had an EPS of $1.38, compared to year-ago quarter EPS of $1.19. The current stock performance of Idacorp shows a 52-week-high of $110.21 and a 52-week-low of $80.01. Moreover, at the end of the last trading period, the closing price was at $104.27.</li>
<li>According to Keybanc, the prior rating for Akamai Technologies Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AKAM#NASDAQ">AKAM</a>) was changed from Overweight to Sector Weight. Akamai Technologies earned $1.42 in the second quarter, compared to $1.38 in the year-ago quarter. The current stock performance of Akamai Technologies shows a 52-week-high of $124.91 and a 52-week-low of $92.64. Moreover, at the end of the last trading period, the closing price was at $105.48.</li>
</ul>
<a href="https://pro.benzinga.com/blog/how-to-understand-option-alerts/">See all analyst ratings downgrades.</a>
&nbsp;
<h2>Initiations</h2>
<ul>
<li>GLJ Research initiated coverage on Sunrun Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RUN#NASDAQ">RUN</a>) with a Sell rating. Sunrun earned $0.20 in the second quarter, compared to $0.11 in the year-ago quarter. The stock has a 52-week-high of $100.93 and a 52-week-low of $37.42. At the end of the last trading period, Sunrun closed at $44.55.</li>
<li>Credit Suisse initiated coverage on Sunlight Financial Holdings Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SUNL#NYSE">SUNL</a>) with an Outperform rating. The price target for Sunlight Financial is set to $9.00. Interestingly, in the second quarter, Sunlight Financial&#39;s EPS was $0.00. At the moment, the stock has a 52-week-high of $9.97 and a 52-week-low of $5.02. Sunlight Financial closed at $5.05 at the end of the last trading period.</li>
<li>HC Wainwright &amp; Co. initiated coverage on Calumet Specialty Products Partners LP (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CLMT#NASDAQ">CLMT</a>) with a Buy rating. The price target for Calumet Specialty is set to $19.00. For the second quarter, Calumet Specialty had an EPS of $0.97, compared to year-ago quarter EPS of $0.05. The stock has a 52-week-high of $8.09 and a 52-week-low of $2.51. At the end of the last trading period, Calumet Specialty closed at $8.03.</li>
<li>With an Outperform rating, Cowen &amp; Co. initiated coverage on The Beauty Health Co (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SKIN#NASDAQ">SKIN</a>). The price target seems to have been set at $32.00 for Beauty Health. Beauty Health earned $1.52 in the second quarter. At the moment, the stock has a 52-week-high of $28.62 and a 52-week-low of $11.12. Beauty Health closed at $26.50 at the end of the last trading period.</li>
<li>With a Buy rating, Mizuho initiated coverage on Leap Therapeutics Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LPTX#NASDAQ">LPTX</a>). The price target seems to have been set at $6.00 for Leap Therapeutics. For the second quarter, Leap Therapeutics had an EPS of $0.12, compared to year-ago quarter EPS of $0.12. At the moment, the stock has a 52-week-high of $4.17 and a 52-week-low of $1.33. Leap Therapeutics closed at $3.65 at the end of the last trading period.</li>
<li>Mizuho initiated coverage on eFFECTOR Therapeutics Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EFTR#NASDAQ">EFTR</a>) with a Buy rating. The price target for eFFECTOR Therapeutics is set to $20.00. Moreover, at the end of the last trading period, the closing price was at $13.15.</li>
<li>Piper Sandler initiated coverage on Sunlight Financial Holdings Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SUNL#NYSE">SUNL</a>) with an Overweight rating. The price target for Sunlight Financial is set to $6.00. In the second quarter, Sunlight Financial earned $0.00. At the moment, the stock has a 52-week-high of $9.97 and a 52-week-low of $5.02. Sunlight Financial closed at $5.05 at the end of the last trading period.</li>
</ul>
<a href="https://pro.benzinga.com/blog/how-to-understand-option-alerts/">See all analyst ratings initiations.</a>

Upgrades

Downgrades

Initiation

Intraday Update

Analyst Ratings

AKAM

AMPY

CLMT

EFTR

ELEZY

GWRE

IIVI

LPTX

NRDY

OMER

SKIN

Sunlight Financial Holdings, Inc. Class A Common Stock

SUNL

TSCO

VERX

WISH

XLRN

Benzinga's Top Ratings Upgrades, Downgrades For October 4, 2021

RBC Capital upgrades Iberdrola (OTC:<a class="ticker" href="https://www.benzinga.com/stock/IBDRY#OTC">IBDRY</a>) from Underperform to Sector Perform.

RBC Capital Upgrades Iberdrola to Sector Perform

<ul>
<li>AECOM&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/acm#NYSE">ACM</a>) has<a class="editor-rtfLink" href="https://www.benzinga.com/pressreleases/21/09/b23047469/aecom-to-develop-hydrogen-powered-railway-in-central-italy-to-enhance-economic-growth" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">&nbsp;signed a memorandum of understanding</a>&nbsp;(MoU) with Spanish renewables group&nbsp;Iberdrola SA&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/ibdry#OTC">IBDRY</a>) and Italian partners&nbsp;Cinque International&nbsp;and&nbsp;Ancitel Energy and Environment&nbsp;to upgrade Italy&#39;s Apennine diesel railway with hydrogen trains.</li>
<li>Under the MOU, AECOM will lead engineering and program management, with Iberdrola acting as an industrial partner.</li>
<li>AECOM and its partners are working on four projects to support sustainable economic recovery in the region badly affected by earthquakes in 2009 and 2016.</li>
<li>The first project is upgrading the 300km Apennine line, one of Italy&#39;s first hydrogen railways.&nbsp;</li>
<li>The MOU also includes pre-feasibility work for a new rail line powered by green hydrogen linking Rome with Ascoli Piceno, a province in the Marche region.</li>
<li>The third project is to assess the potential for diffused green hydrogen manufacturing activity in the region.</li>
<li>The final project will look at ways to apply new energy and environmental technologies in post-earthquake reconstruction.</li>
<li>Price Action:&nbsp;ACM shares are trading higher by 2.17% at $63.09 on the last check Wednesday.</li>
</ul>

AECOM Inks MoU To Develop Hydrogen-Powered Railway In Central Italy

&nbsp;
<h2>Upgrades</h2>
<ul>
<li>For Lowe&#39;s Companies Inc (NYSE:<a class="ticker" href="/stock/LOW#NYSE">LOW</a>), Gordon Haskett upgraded the previous rating of Accumulate to Buy. Lowe&#39;s Companies earned $1.33 in the fourth quarter, compared to $0.94 in the year-ago quarter. At the moment, the stock has a 52-week-high of $180.67 and a 52-week-low of $60.00. Lowe&#39;s Companies closed at $162.00 at the end of the last trading period.</li>
<li>According to Guggenheim, the prior rating for Square Inc (NYSE:<a class="ticker" href="/stock/SQ#NYSE">SQ</a>) was changed from Neutral to Buy. For the fourth quarter, Square had an EPS of $0.32, compared to year-ago quarter EPS of $0.23. The stock has a 52-week-high of $283.19 and a 52-week-low of $32.33. At the end of the last trading period, Square closed at $237.32.</li>
<li>HSBC upgraded the previous rating for Nike Inc (NYSE:<a class="ticker" href="/stock/NKE#NYSE">NKE</a>) from Hold to Buy. For the second quarter, Nike had an EPS of $0.78, compared to year-ago quarter EPS of $0.70. The current stock performance of Nike shows a 52-week-high of $147.95 and a 52-week-low of $60.00. Moreover, at the end of the last trading period, the closing price was at $135.56.</li>
<li>For TrueCar Inc (NASDAQ:<a class="ticker" href="/stock/TRUE#NASDAQ">TRUE</a>), Benchmark upgraded the previous rating of Hold to Buy. For the fourth quarter, TrueCar had an EPS of $0.01, compared to year-ago quarter EPS of $0.01. The stock has a 52-week-high of $6.47 and a 52-week-low of $1.98. At the end of the last trading period, TrueCar closed at $5.06.</li>
<li>For Ardagh Group SA (NYSE:<a class="ticker" href="/stock/ARD#NYSE">ARD</a>), Wells Fargo upgraded the previous rating of Underweight to Overweight. For the fourth quarter, Ardagh Group had an EPS of $0.28, compared to year-ago quarter EPS of $0.39. At the moment, the stock has a 52-week-high of $24.70 and a 52-week-low of $9.20. Ardagh Group closed at $23.26 at the end of the last trading period.</li>
<li>Credit Suisse upgraded the previous rating for Evoqua Water Technologies Corp (NYSE:<a class="ticker" href="/stock/AQUA#NYSE">AQUA</a>) from Neutral to Outperform. For the first quarter, Evoqua Water Technologies had an EPS of $0.06, compared to year-ago quarter EPS of $0.04. The stock has a 52-week-high of $31.63 and a 52-week-low of $7.08. At the end of the last trading period, Evoqua Water Technologies closed at $24.66.</li>
<li>According to UBS, the prior rating for AstraZeneca PLC (NASDAQ:<a class="ticker" href="/stock/AZN#NASDAQ">AZN</a>) was changed from Neutral to Buy. In the fourth quarter, AstraZeneca showed an EPS of $0.54, compared to $0.45 from the year-ago quarter. The current stock performance of AstraZeneca shows a 52-week-high of $64.94 and a 52-week-low of $36.15. Moreover, at the end of the last trading period, the closing price was at $50.10.</li>
<li>Credit Suisse upgraded the previous rating for Sunrun Inc (NASDAQ:<a class="ticker" href="/stock/RUN#NASDAQ">RUN</a>) from Neutral to Outperform. &nbsp;At the moment, the stock has a 52-week-high of $100.93 and a 52-week-low of $7.83. Sunrun closed at $62.56 at the end of the last trading period.</li>
</ul>
<a href="https://pro.benzinga.com/blog/how-to-understand-option-alerts/">See all analyst ratings upgrades.</a>
&nbsp;
<h2>Downgrades</h2>
<ul>
<li>Stifel downgraded the previous rating for Photronics Inc (NASDAQ:<a class="ticker" href="/stock/PLAB#NASDAQ">PLAB</a>) from Buy to Hold. For the first quarter, Photronics had an EPS of $0.13, compared to year-ago quarter EPS of $0.16. The stock has a 52-week-high of $13.65 and a 52-week-low of $8.31. At the end of the last trading period, Photronics closed at $13.38.</li>
<li>Gordon Haskett downgraded the previous rating for TJX Companies Inc (NYSE:<a class="ticker" href="/stock/TJX#NYSE">TJX</a>) from Buy to Hold. In the fourth quarter, TJX Companies showed an EPS of $0.50, compared to $0.81 from the year-ago quarter. At the moment, the stock has a 52-week-high of $71.06 and a 52-week-low of $32.72. TJX Companies closed at $69.72 at the end of the last trading period.</li>
<li>For Cimarex Energy Co (NYSE:<a class="ticker" href="/stock/XEC#NYSE">XEC</a>), MKM Partners downgraded the previous rating of Buy to Neutral. In the fourth quarter, Cimarex Energy showed an EPS of $0.89, compared to $1.18 from the year-ago quarter. At the moment, the stock has a 52-week-high of $61.60 and a 52-week-low of $12.15. Cimarex Energy closed at $60.80 at the end of the last trading period.</li>
<li>For Norfolk Southern Corp (NYSE:<a class="ticker" href="/stock/NSC#NYSE">NSC</a>), Evercore ISI Group downgraded the previous rating of Outperform to In-Line. Norfolk Southern earned $2.64 in the fourth quarter, compared to $2.55 in the year-ago quarter. The current stock performance of Norfolk Southern shows a 52-week-high of $264.11 and a 52-week-low of $112.62. Moreover, at the end of the last trading period, the closing price was at $261.53.</li>
<li>For Canadian Pacific Railway Ltd (NYSE:<a class="ticker" href="/stock/CP#NYSE">CP</a>), Evercore ISI Group downgraded the previous rating of Outperform to In-Line. In the fourth quarter, Canadian Pacific Railway showed an EPS of $3.90, compared to $4.77 from the year-ago quarter. At the moment, the stock has a 52-week-high of $379.00 and a 52-week-low of $173.26. Canadian Pacific Railway closed at $365.63 at the end of the last trading period.</li>
<li>For Epizyme Inc (NASDAQ:<a class="ticker" href="/stock/EPZM#NASDAQ">EPZM</a>), Morgan Stanley downgraded the previous rating of Overweight to Equal-Weight. For the fourth quarter, Epizyme had an EPS of $0.65, compared to year-ago quarter EPS of $0.59. The stock has a 52-week-high of $23.61 and a 52-week-low of $9.90. At the end of the last trading period, Epizyme closed at $10.19.</li>
<li>For NeoGenomics Inc (NASDAQ:<a class="ticker" href="/stock/NEO#NASDAQ">NEO</a>), Raymond James downgraded the previous rating of Outperform to Market Perform. In the fourth quarter, NeoGenomics showed an EPS of $0.14, compared to $0.10 from the year-ago quarter. The current stock performance of NeoGenomics shows a 52-week-high of $61.57 and a 52-week-low of $20.47. Moreover, at the end of the last trading period, the closing price was at $54.34.</li>
<li>According to Oppenheimer, the prior rating for AT&amp;T Inc (NYSE:<a class="ticker" href="/stock/T#NYSE">T</a>) was changed from Outperform to Perform. AT&amp;T earned $0.75 in the fourth quarter, compared to $0.89 in the year-ago quarter. The stock has a 52-week-high of $38.51 and a 52-week-low of $26.08. At the end of the last trading period, AT&amp;T closed at $29.41.</li>
<li>Oppenheimer downgraded the previous rating for Verizon Communications Inc (NYSE:<a class="ticker" href="/stock/VZ#NYSE">VZ</a>) from Outperform to Perform. For the fourth quarter, Verizon Communications had an EPS of $1.21, compared to year-ago quarter EPS of $1.13. At the moment, the stock has a 52-week-high of $61.95 and a 52-week-low of $48.84. Verizon Communications closed at $57.13 at the end of the last trading period.</li>
<li>For Zymeworks Inc (NYSE:<a class="ticker" href="/stock/ZYME#NYSE">ZYME</a>), SVB Leerink downgraded the previous rating of Outperform to Market Perform. In the fourth quarter, Zymeworks showed an EPS of $0.74, compared to $1.06 from the year-ago quarter. The current stock performance of Zymeworks shows a 52-week-high of $59.03 and a 52-week-low of $20.33. Moreover, at the end of the last trading period, the closing price was at $40.30.</li>
<li>Credit Suisse downgraded the previous rating for Pinnacle West Capital Corp (NYSE:<a class="ticker" href="/stock/PNW#NYSE">PNW</a>) from Outperform to Neutral. For the fourth quarter, Pinnacle West Capital had an EPS of $0.17, compared to year-ago quarter EPS of $0.57. At the moment, the stock has a 52-week-high of $103.31 and a 52-week-low of $60.05. Pinnacle West Capital closed at $73.11 at the end of the last trading period.</li>
<li>According to Credit Suisse, the prior rating for Ping Identity Holding Corp (NYSE:<a class="ticker" href="/stock/PING#NYSE">PING</a>) was changed from Outperform to Neutral. In the fourth quarter, Ping Identity Holding showed an EPS of $0.09, compared to $0.14 from the year-ago quarter. The stock has a 52-week-high of $37.80 and a 52-week-low of $12.02. At the end of the last trading period, Ping Identity Holding closed at $32.52.</li>
<li>According to Credit Suisse, the prior rating for Lennox International Inc (NYSE:<a class="ticker" href="/stock/LII#NYSE">LII</a>) was changed from Neutral to Underperform. In the fourth quarter, Lennox International showed an EPS of $2.89, compared to $2.45 from the year-ago quarter. The stock has a 52-week-high of $319.77 and a 52-week-low of $163.40. At the end of the last trading period, Lennox International closed at $290.74.</li>
<li>According to Piper Sandler, the prior rating for Tabula Rasa HealthCare Inc (NASDAQ:<a class="ticker" href="/stock/TRHC#NASDAQ">TRHC</a>) was changed from Overweight to Neutral. For the fourth quarter, Tabula Rasa HealthCare had an EPS of $0.08, compared to year-ago quarter EPS of $0.13. The stock has a 52-week-high of $69.31 and a 52-week-low of $30.12. At the end of the last trading period, Tabula Rasa HealthCare closed at $45.65.</li>
</ul>
<a href="https://pro.benzinga.com/blog/how-to-understand-option-alerts/">See all analyst ratings downgrades.</a>
&nbsp;
<h2>Initiations</h2>
<ul>
<li>Stifel initiated coverage on Precigen Inc (NASDAQ:<a class="ticker" href="/stock/PGEN#NASDAQ">PGEN</a>) with a Buy rating. The price target for Precigen is set to $13.00. For the third quarter, Precigen had an EPS of $0.18, compared to year-ago quarter EPS of $0.34. At the moment, the stock has a 52-week-high of $11.10 and a 52-week-low of $1.26. Precigen closed at $8.57 at the end of the last trading period.</li>
<li>Piper Sandler initiated coverage on I-MAB (NASDAQ:<a class="ticker" href="/stock/IMAB#NASDAQ">IMAB</a>) with an Overweight rating. The price target for I-MAB is set to $75.00. NoneAt the moment, the stock has a 52-week-high of $65.55 and a 52-week-low of $11.05. I-MAB closed at $57.99 at the end of the last trading period.</li>
</ul>
<a href="https://pro.benzinga.com/blog/how-to-understand-option-alerts/">See all analyst ratings initiations.</a>

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Benzinga's Top Ratings Upgrades, Downgrades For February 25, 2021

Kepler Cheuvreux analyst Jose Porta upgrades Iberdrola (OTC:<a class="ticker" href="/stock/IBDRY#OTC">IBDRY</a>) from Hold to Buy.

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