UPDATE: Credit Suisse Downgrades Public Service Enterprise to Neutral

Credit Suisse lowers its rating on Public Service Enterprise

and cuts its target price by $4 to $30, reflecting a broad-based reduction in power price expectations. Credit Suisse says, "PEG's EPS outlook is flatter than peers on our new base case scenario as the roll-off of beneficial in the money hedges limits gearing to a recovery, which we think will ward off investors buying commodity cyclical businesses looking for a healthy rebound in numbers." PEG closed at $30.68 a share on Monday.