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UBS upgrades Vistra Energy; CreditSights downgrades Dominion

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UBS upgrades Vistra Energy; CreditSights downgrades Dominion

Upgrade

* UBS Securities LLC analysts on March 6 upgraded Vistra Energy Corp. to "buy" owing to an improved outlook on merger synergies with Dynegy Inc., following the bank's earlier coverage initiation on the electric utility sector.

Downgrades

* CreditSights on March 19 downgraded Dominion Energy Inc. bonds to "market perform" from "outperform," with analysts pointing to the sharp fall in the stock price of Dominion Energy Midstream Partners LP and a "more difficult" drop-down schedule.

* Separately, CreditSights on March 2 lowered its investment opinion on Pattern Energy Group Inc. to "underperform" based on its "relative financial and structural attractiveness" compared to other yieldcos. In a separate action, The Williams Capital Group downgraded Pattern Energy to "hold" from "buy," given reduced guidance, higher interest rates and volatility, no dividend growth and lack of sufficient information/communication.

* Wells Fargo Securities LLC on Feb. 25 downgraded Pinnacle West Capital Corp.'s shares to "market perform" from "outperform," based on valuation. The firm's analysts also lowered the price target for Pinnacle West to $85 per share from $98 per share.

Notable reiteration

* Guggenheim Securities LLC on Feb. 23 reiterated its "buy" rating on Eversource Energy but changed the price target to $63 from $59. "[Eversource] continues to boast an even wider runway for growth, in our view, with no shortage of organic investment needs, capacity to expand strategically/inorganically, and now coupled with uplift from an enhanced ratebase growth profile under the new tax code," Guggenheim analysts said.