AES shares plunge after UBS downgrades, slashes PT to Street-low

AES

06/10/2023 15:33

** Shares in utility co AES Corp  AES.N  down 5.0%, and among
biggest S&P 500 losers on Fri, after UBS downgrades to 'neutral'
from 'buy'
    ** Stock last traded at $11.98 after earlier hitting $11.43,
its lowest level since May 2020
    ** UBS slashes PT from $22 to $13, lowest on Wall Street,
per LSEG data
    ** UBS analyst Gregg Orrill cites rising interest rates and
earnings deceleration at its infrastructure segment, driven by
coal shutdowns
    ** Avg rating among 13 analysts covering AES is 'buy' and
median PT is $25 - LSEG
    ** With moves on Fri, AES shares off ~58% YTD vs ~21%
decline for S&P 500 Utilities index  .SPLRCU 
    ** SPLRCU falling on the session after hot jobs report sends
yields spiking

 (Reporting By Sinéad Carew)
 ((sinead.carew@thomsonreuters.com; +13322191897;))