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Tuesday, August 01, 2017 1:40:32 PM
SCANA (SCG +4.1%) is upgraded to Overweight from Equal Weight with a $73 price target, raised from $65, at Barclays on optimism over the company's decision to abandon its new nuclear construction project at the V.C. Summer site.
Barclays sees a 50% chance - the most likely scenario - that SCG will recover all the money it spent on the project and execute a $650M share buyback initiative; the firm attributes a 10% chance that SCG will recover all of its money but be forced to spend $650M on building natural gas plants, and a 30% chance that it will get back half the money and use the money it is collecting from Toshiba to cut electricity rates.
The firm sees a 10% chance that SCG's net investment in the project is securitized, which it says would be a worst case scenario for the company.
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