** Scotiabank says it is "increasingly cautious" and does not see an attractive near-term outlook for U.S. utility stocks

** "Macro investor sentiment has been unambiguously risk-on since the U.S. elections ended with a swift and decisive Trump victory and Republican sweep last month" - brokerage

** During Trump's first term, in 2017, utilities fared worst, with 9% rise vs 16% growth in the broader market - Scotiabank

** However, the brokerage says theme of 2025 will be the robust outlook for electricity demand

** Downgrades Eversource Energy to "sector underperform", American Electric Power and Alliant Energy to "sector perform"

** Upgrades FirstEnergy and CenterPoint Energy

to "sector outperform", Consolidated Edison to "sector perform"

Brokerage also changes PT on the following firms:

Company New PT Old PT Upside/downside

to stock's last

close

Alliant Energy $67 $64 11%

CenterPoint Energy $35 $30 11%

Consolidated $100 $90 8%

Edison

Eversource Energy $56 $66 7% downside

FirstEnergy $50 $45 25%

CMS Energy $77 $75 15%

Dominion Energy $61 $58 12%

DTE Energy $147 $137 21%

Duke Energy $120 $113 9%

Exelon $42 $40 14%

Southern Co $98 $96 18%

(Reporting by Pooja Menon in Bengaluru)

((Pooja.Menon@thomsonreuters.com;))