Deutsche Bank upgraded PPL Corp (NYSE: PPL) from Hold to Buy with a price target of $36.00. Analyst Jonathan Arnold sees opportunity in the sector sell-off and UK de-risking.

"We are upgrading PPL to Buy from Hold as mgmt raised projected EPS growth through 2017 to 6% (from 4%-6%) and de-risked key items in the UK (currency, RPI). This boosts our 2017E by $0.10 and provides a more visible pathway to consistent consolidated EPS growth through at least 2019. We have been hesitant to recommend post-spin PPL despite its relative value because we struggled to support an argument for a premium relative to regulated electric peers (which we see as challenging to sustain given PPL's int'l business mix). With the regulated group pulling back on fears of a Dec. Fed hike, we now see attractive upside without having to count on a premium," said Arnold.

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Shares of PPL Corp closed at $33.79 yesterday.