Macquarie Downgrades PPL Corporation; Price Target Remains Unadjusted

In a note released Friday Macquarie (USA) downgraded PPL Corporation PPL from Outperform to Neutral and held the price target at $33. Commenting on the overview of PPL, Macquarie analyst Angie Storozynski stated, "We recognize PPL's premium regulated utility story, but it seems fully priced into the stock at this point." Storozynski continued, "At this point we worry that PPL could be the odd man out in the PJM consolidation and we are unwilling to pay more for Supply's option value." Looking to the coming years, Storozynski has raised 2015 EPS estimate slightly from $2.18 to $2.23 and has left 2016 estimates unchanged at $2.23.