Exelon cut at Mizuho on uncertain outlook for Build Back Better
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Exelon (EXC
-3%) is the day's largest loser among major utility stocks after Mizuho downgrades shares to Neutral from Buy with a $57 price target based on uncertainty over the future of the Build Back Better legislative proposal.

Mizuho analyst Paul Fremont notes Build Back Better includes a $15/MWh nuclear production tax credit, which could add more than $700M to Constellation's EBITDA.
While a deal between Senator Joe Manchin and the Biden administration remains possible in the new year, prospects for passage are far from certain so Mizuho says it is stepping to the sidelines.
Exelon shares gained 36% over the past year and posted a closing high for the year $57.76 on December 31.