Wells Fargo (NYSE:WFC) Downgrades Exelon (NYSE:EXC)

Exelon downgraded by Wells Fargo

Exelon Corporation (NYSE:EXC), a utility services company, was downgraded today from “Market Perform” to “Underperform” by Wells Fargo (NYSE:WFC).

The valuation range of the stock was adjusted downward as well, from $42-44 to $36-38.

Wells Fargo explained the downgrade of Exelon this way, “We do not believe shares adequately reflect the current forward power price outlook and the diminished outlook for near-term passage of carbon regulations. We continue to view EXC’s unregulated nuclear fleet and operational track record favorably versus peers.”