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UPDATE: Citigroup Downgrades Public Service Enterprise Group to Neutral on Valuation

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Benzinga's Top Upgrades
BofA Downgrades Public Service Enterprise Group To Underperform
Exelon upgraded to Buy from Hold at Deutsche Bank (Seeking Alpha)

Citigroup reduced its rating on Public Service Enterprise Group (NYSE: PEG) from Buy to Neutral as it maintained its price target at $33.

Citigroup noted, "At the current price, PEG shares have essentially hit our target price of $33. With a dividend yield of 4.3%, the shares still have a positive expected twelve month total return. Our target price is unchanged at $33/share, based on a 8.0x Open EBITDA merchant generation multiple and a 14.6x regulated P/E multiple. Also, we project EPS lower than Street consensus despite our inclusion of healthy transmission line growth."

Public Service Enterprise Group closed at $32.94 on Wednesday.

Latest Ratings for PEG

DateFirmActionFromTo
Jul 2016Morgan StanleyUpgradesUnderweightEqual-weight
Jun 2016Bank of AmericaDowngradesNeutralUnderperform
Mar 2016UBSUpgradesNeutralBuy

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Posted-In: CitigroupAnalyst Color Downgrades Intraday Update Analyst Ratings

 

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