UPDATE: Wunderlich Initiates Exelon at Buy

Wunderlich is out with its report today on Exelon (NYSE: EXC), initiating EXC at Buy.

In a note to clients, Wunderlich writes, "We are initiating coverage of Exelon Corporation with a Buy rating and a $47 price target. The company's proposed merger with Constellation Energy (NYSE: CEG) is likely to provide significant cost and revenue synergies to the combined company. The merger requires regulatory approval, but is expected to close in early 2012. Though we risk being a little early in our recommendation, we believe additional merger details announced over the next six months will drive the stocks higher."

At the time of posting, shares of EXC were trading pre-market at $41.31, down 0.02% from Thursday's close.