UBS Reiterates Buy on PPL Corp. (PPL) Following 3Q Report
- Wall Street again marks new highs in post-election run
- Broadcom Ltd. (AVGO) Tops Q4 EPS by 11c
- Restoration Hardware (RH) Tops Q3 EPS by 4c; Guides Well Below the Street
- Unusual 11 Mid-Day Movers 12/8: (COOL) (TLRD) (DRAM) Higher; (SHIP) (OHRP) (MLSS) Lower
- Third-Party Said Interested in PrivateBancorp (PVTB) as CIBC (CM) Deal is Delayed
Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.
UBS reiterated a Buy rating on PPL Corp (NYSE: PPL), and raised the price target to $38.00 (from $36.00), following the company's 3Q earnings report. PPL reported 3Q16 EPS of $0.63 vs the consensus of $0.58, largely driven by strong performance to date at all business segments.
Analyst Julien Dumoulin-Smith commented, "Recall from the hedging update that PPL pointed to strength in its underlying businesses giving management confidence in the 2016 mid-point. The increased midpoint guidance of $2.38 vs $2.35 is reflective of actions PPL took in October to capture gains from the remaining 2016 hedges against a weakening GBP. We see the 6 cents of negative impact from FX strikes more than offset by strong business line results. We note O&M specifically attributed 4 cents to the updated 2016 guidance and emphasize that the primary ongoing benefit will be coming out of PPL's UK segment, as mgmt. noted on the call that O&M UK benefits are expected to continue through 2017. While we note there was no 2017 guidance update, mgmts update today on 2016 gives us confidence in the 4-6% UK regulated growth targets, as well as the 6-8% domestic growth. The key focus will be sustainability of wider tailwinds into '18."
Shares of PPL Corp closed at $34.00 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Stifel Downgrades Timken (TKR) to Hold
- UBS Cuts Price Target on SecureWorks Corp. (SCWX) to $13
- BMO Capital Raises Price Target on Ciena (CIEN) Following 4Q
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesUBS, Earnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!