Mizuho Turns More Bullish on Eversource Energy (ES), Sees Greater Clarity on the Company’s Projects

Eversource Energy (NYSE:ES) is one of the best high-growth utility stocks to buy. On October 15, Eversource reported that its future liability for payments to Global Infrastructure Partners rose by $285 million. This was in reference to its disposal of its two renewable energy projects, namely South Fork Wind and Revolution Wind.

The company mentioned that any tax advantages from the loss on these project sales will partly balance the higher liability, leading to a net non-recurring after-tax charge amounting to nearly $75 million.

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Furthermore, Eversource Energy (NYSE:ES) slashed its non-GAAP EPS guidance for 2025 to range from $4.72 to $4.80, compared to its prior guidance between $4.67 and $4.82.

Following this development, investment firm Mizuho had reiterated an Outperform rating and a price target of $72 on October 15, noting that the renewed liability is small and does not significantly alter the company’s financing requirements. Interestingly, on October 27, Mizuho raised its price target to $81 and again reiterated its bullish stance with a Buy rating. The firm based its action on the company’s better financial strength and the improving regulatory environment, as evidenced by the appointment of new commissioners in Connecticut. Moreover, it said that it now has “greater clarity” on the Revolution Wind project and the disposal of the Aquarion water utility business.

Eversource is a Massachusetts-based utility company that provides electricity, natural gas, and water services across Connecticut, Massachusetts, and New Hampshire. Its operations include electric transmission and distribution, solar power generation, and regulated water utilities.

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