Credit Suisse Reiterates Neutral, Raises Price Target On Public Service Enterprise Following 2015 Analyst Day

In a report published Tuesday, Credit Suisse analyst Dan Eggers reiterated a Neutral rating on Public Service Enterprise Group Inc. (NYSE: PEG), and raised the price target from $43.00 to $44.00.

In the report, Credit Suisse noted, "The 2015 Analyst Day had all the hallmarks of past analyst days: a focus on strong utility growth (10-11% for 5 years) that was a bit better than previously modeled plus some prospective kickers (gas modernization), a solid Power story that offers more consistency than leverage to a recovery, and a balance sheet with considerable financial flexibility that seems most likely (under) used to support ~5% annual dividend growth but nothing extravagant like a big buyback or acquisitions. We like PEG for the stability, but our view of a more robust power market recovery on the horizon favors other names more."

Public Service Enterprise closed on Monday at $40.94.