Public Service Enterprise Group Inc. (PEG) PT Lowered to $87 at BMO Capital

BMO Capital analyst James Thalacker lowered the price target on Public Service Enterprise Group Inc. (NYSE: PEG) to $87.00 (from $90.00) while maintaining a Market Perform rating.

The analyst commented, "PEG's solid 3Q24 results were a modest quarterly beat at $0.90 vs. $0.87/$0.83 consensus/BMO estimates, but were overshadowed by FERC's Friday order rejecting the TLN/AWS third amended ISA (note). Management narrowed its 2024 range to $3.64-3.68 vs. $3.66 BMO/consensus. They also reaffirmed their long-term 5-7% EPS CAGR and highlighted again that as they continue to pursue long-term contracts for their nuclear units, possibly at higher prices, any successes would be incremental to the stated growth rate.
We maintain our Market Perform rating and our MTM/SOTP target price moves to $87."

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