UPDATE: Credit Suisse Upgrades Exelon as Story is Shaping Up

In a report published Friday, Credit Suisse analyst Dan Eggers upgraded the rating on Exelon (NYSE: EXC) from Neutral to Outperform, and raised the price target from $23.00 to $35.00.

In the report, Credit Suisse noted, “We believe expectations and fundamentals for competitive power have found a bottom, with the potential for a long awaited recovery to take form over the next 12 months. We are upgrading EXC to Outperform with a $35 target price and 4.1% dividend yield, offering 16.7% total return potential with leverage to a number of business / market drivers.”

Exelon closed on Thursday at $31.37.