UBS Reiterates Buy on PPL Corp. (PPL) Following 3Q Report
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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.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
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