UPDATE: JP Morgan Upgrades Exelon On Portfolio Of Undervalued Options

In a report published Thursday, J.P. Morgan analyst Christopher Turnure upgraded the rating on Exelon (NYSE: EXC) from Neutral to Overweight.

In the report, J.P. Morgan noted, "Over the past two months Exelon has out-of-market support for IL and NY nuclear units advance and has moved forward in POM merger proceedings. Given traction on these initiatives as well as other energy and capacity market tightening potential in both the 2015 and future PJM auctions, we now view EXC shares as a portfolio of undervalued options over the next 6-12 months. We are upgrading to OW from N."

Exelon closed on Wednesday at $32.62.