智通财经APP获悉,美国南方电力公司(SO.US)周三收跌0.77%,遭遇KeyBanc证券分析师索菲·卡普(Sophie Karp)的评级利空——该机构将其评级降至"减持",目标价设定为78美元。这场评级调整风暴席卷整个公用事业板块,折射出机构投资者风险偏好的重大转向。
卡普在研报中直指南方电力估值泡沫:当前股价较行业平均溢价13%,尽管佐治亚州优越的监管环境为其提供支撑,但市场过于乐观的增长预期与实际存在落差。"我们尚未看到足以支撑当前估值的增长动能。"这位分析师强调,公司短期业绩增速修正概率极低。
评级调整并非孤立事件。KeyBanc同步下调爱克斯龙电力(EXC.US)和爱迪生联合电气(ED.US)至"减持",认为这两家"纯输电"公用事业公司此前受惠于避险资金流入,但随着市场风险偏好回暖,其防御性属性或将失效。波特兰通用电气(POR.US)亦遭中性评级,因俄勒冈州野火基金立法进程停滞,卡普预计相关进展恐推迟至明年立法会议。
冰火两重天的是,阿曼瑞恩(AEE.US)和安特吉(ETR.US)双双获升至"增持",目标价分别上看103美元和85美元。分析师看好这两家公司在中西部地区的基础设施升级潜力,特别是人工智能数据中心建设催生的用电需求增长。同获青睐的埃克西尔能源(XEL.US)和威州能源(WEC.US)也印证着这一逻辑,这两家公司也被给予“增持”评级。
这场评级洗牌背后,是华尔街对公用事业板块估值体系的重构。当美联储降息预期推动资金流向风险资产,曾经备受追捧的稳定收益标的正在经历结构性重估。南方电力等传统公用事业巨头面临增长天花板,而布局AI基建的电力企业则成为新宠,这种分化格局或将持续主导2025年行业走势。
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