Deutsche Bank Downgrades Public Service Enterprise Group Inc. (PEG) to Hold

Deutsche Bank downgraded Public Service Enterprise Group Inc. (NYSE: PEG) from Buy to Hold with a price target of $45.00 (from $46.00). Analyst Jonathan Arnold sees better value in other investments.

"PEG is a high-quality hybrid, with a diverse merchant power fleet and fast growing regulated utility. They also have a high-quality problem being the best performing hybrid utility this year, even despite recent weakness. As a result, we are downgrading PEG to Hold from Buy. With less than 10% upside implied by our PT, we see significantly better value in other hybrid utilities, particularly EXC. While PEG seems more likely to execute on share repurchases in coming months by levering up at the HoldCo, these steps are unlikely to be accretive to our SOTP framework. And looking through a purely EPS lens, PEG still likely screens rich versus both hybrid and regulated peers," said Arnold.

For an analyst ratings summary and ratings history on Public Service Enterprise Group Inc. click here. For more ratings news on Public Service Enterprise Group Inc. click here.

Shares of Public Service Enterprise Group Inc. closed at $41.29 yesterday.

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