In a report published Monday, Jefferies analyst Paul B. Fremont downgraded the rating on Public Service Enterprise Group PEG from Buy to Hold, and lowered the price target from $41.00 to $39.00.
In the report, Jefferies noted, “We are downgrading PEG to Hold from Buy based on our expectation that the Western portion of PJM will be more levered to power price improvement versus the East. Most of the planned new construction is in PJM East where PSEG Power's plants are located and most of the scheduled coal plant retirements are in the western part of PJM.”
Public Service Enterprise Group closed on Friday at $37.76.
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