Public Service Enterprise Group Inc. (PEG) PT Lowered to $83 at BMO Capital; 'Solid Quarter Expected'

BMO Capital analyst James Thalacker lowered the price target on Public Service Enterprise Group Inc. (NYSE: PEG) to $83.00 (from $86.00) while maintaining a Market Perform rating.

The analyst commented: "Solid Quarter Expected; PEG will host its 1Q25 call on April 30. We expect 1Q25 EPS results slightly above consensus at $1.46, up ~11% YoY. However, we expect relative performance to likely be driven by the updated outlook for LT contracts at PEG's nuclear assets to the extent PEG has any updates. Additionally, we expect investors to be focused on the LIPA grid management contract process where a decision was delayed last month. We remain Market Perform rated and lower our TP to $83 as we MTM the peer multiples in our SOTP.

While we see the risk/reward is increasingly skewing positive for shares of PEG following nearly 10% of underperformance year-to-date (Exhibit 2), we still see shares of PEG trading at a ~14% premium to the group, and we maintain our Market Perform rating."

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