UPDATE: Credit Suisse Lowers Target on Public Service Enterprise to $34

Credit Suisse cuts its price target on Public Service Enterprise

by $2 to $34 on weak power fundamentals weighing down outlook. Credit Suisse says, "PEG's results and outlook are clearly bearing the burden of a challenging backdrop with both depressed power markets weighing on plant performance and lackluster power demand recovery that is dampening support for higher generation output and power prices. We appreciate the market pressures but think the tempered outlook for recovery is likely bearing some of the standard PEG conservativeness. Greater clarity on market fundamentals (and recovery potential) will be the focus at the March 9th analyst day." PEG closed at $30.96 a share on Thursday.