M* has a huge 'buy' on EXC, due primarily to the expectation that NG and Coal prices will increase but also on the increasing price caps just recently approved by TX. Add to this the cost of the Constellation integration that is currently winding down and the 2011 overfunding of the pension plan, and I think the M* analyst sees a brighter future for EXC earnings. The market is just a bit spooked, I think, over the current high earnings POR (about 90%), the impact on EPS since 2010 of the recent changes and declining cash...even though equity has been increasing, however slightly, over the same period.I bought my EXC shares back in the 90s, and am a bit overexposed to this income source. Were I not so allocated, I'd be a buyer at today's prices.BruceM
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