Initiated In-line X

AES AES

Evercore ISI

$15

Downgrades Buy Hold X

AES AES

Argus

Downgrades Hold Underperform X

AES AES

Jefferies

$9

Downgrades Buy Hold X

AES AES

Jefferies

$10

Upgrades Underperform Neutral X

AES AES

BofA Securities

$11 $13

Downgrades Neutral Sell X

AES AES

Seaport Research Partners

Initiated Buy X

AES AES

HSBC Securities

$17

Resumed Underperform X

AES AES

BofA Securities

$11

Initiated Buy X

AES AES

Jefferies

$20

Downgrades Buy Neutral X

AES AES

Seaport Research Partners

Initiated Buy X

AES AES

Mizuho

$21

Downgrades Buy Neutral X

AES AES

UBS

$22 $13

Initiated Overweight X

AES AES

Barclays

$25

Downgrades Buy Neutral X

AES AES

BofA Securities

$24 $23

Downgrades Outperform Peer Perform X

AES AES

Wolfe Research

Initiated Neutral X

AES AES

Credit Suisse

$25

Initiated Buy X

AES AES

Citigroup

$27

Initiated Buy X

AES AES

Goldman

$30

Initiated Positive X

AES AES

Susquehanna

$32

Upgrades Underperform Neutral X

AES AES

BofA/Merrill

Upgrades Hold Buy X

AES AES

Argus

Downgrades Neutral Underperform X

AES AES

BofA/Merrill

Downgrades Buy Neutral X

AES AES

BofA/Merrill

Resumed Equal-Weight X

AES AES

Morgan Stanley

$13.50

AES  The AES Corporation

The AES Corporation is a holding company. The Company, through its subsidiaries and affiliates, operates a diversified portfolio of electricity generation and distribution businesses. It is organized into six strategic business units (SBUs): the United States; Andes; Brazil; Mexico, Central America and the Caribbean (MCAC); Europe, and Asia. As of December 31, 2016, its United States SBU had 18 generation facilities and two integrated utilities in the United States. As of December 31, 2016, its Andes SBU had generation facilities in three countries. Its Brazil SBU has generation and distribution businesses, Eletropaulo and Tiete. As of December 31, 2016, its MCAC SBU had a portfolio of distribution businesses and generation facilities, including renewable energy, in five countries. As of December 31, 2016, its Europe SBU had generation facilities in five countries. As of December 31, 2016, its Asia SBU had generation facilities in three countries.