Public Service Enterprise Group Inc. (PEG) PT Raised to $92 at Scotiabank

Scotiabank analyst Andrew Weisel raised the price target on Public Service Enterprise Group Inc. (NYSE: PEG) to $92.00 (from $91.00) while maintaining a Sector Perform rating.

The analyst comments "OUR TAKE: Positive. We’re positively surprised by PEG’s increased financial outlook: we increase our forecasts, which were admittedly conservative, and now forecast EPS growth of ~7.33% going forward, faster than peers at ~6.5%, the midpoint of the new 6%-8% range (up from 5%-7%), and ~6.25% previously. Still, the implied earnings power for 2026+ falls short of consensus, and based on the stock reaction (shares are up marginally, in line with peers), we believe that the buy side had already anticipated the increase to the CAGR. Additionally, the capex increase was light (though continues to not require equity, which is increasingly unique in this sector). That said, we credit PEG for an impressive track record of EPS beats vs. guidance. While we agree that there could be upside to both sides of the business, including opportunities for new in-state generation, we see too much uncertainty to assign much value to the optionality. Instead, we expect that affordability concerns will continue to dominate investor sentiment, at least in the near-term. With higher earnings, we increase our TP to $92 (from $91), but remain on the sidelines. PEG reported 4Q25 EPS of $0.72, a penny above our consensus-matching estimate of $0.71."

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