Deutsche Bank Downgrades Public Service Enterprise Group Inc. (PEG) to Hold, Cuts Numbers

Deutsche Bank downgraded Public Service Enterprise Group Inc. (NYSE: PEG) from Buy to Hold with a price target of $31 (down from $35).

The firm lowered 2013-14 EPS estimates come down $0.20/$0.30 to $2.35/$2.40 due to their now lower commodity price assumptions, creating a flattish earnings outlook.

They comment, "We continue to see appeal in PEG's relatively stronger balance sheet that should enable it to better withstand a prolonged power market downturn. However, the unregulated power business is simply too large a piece of the consolidated entity, and the outlook for this side of the business has deteriorated considerably."

For an analyst ratings summary and ratings history on Public Service Enterprise Group Inc. click here. For more ratings news on Public Service Enterprise Group Inc. click here.

Shares of Public Service Enterprise Group Inc. closed at $29.98 yesterday.

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