Portland General Electric initiated with a Market Perform at BMO Capital

BMO Capital analyst Edward DeArias initiated coverage of Portland General Electric (POR) with a Market Perform rating and $46 price target The company has some of the most favorable economic and state driven policy-related fundamental tailwinds that over time should support above average rate base growth on a sustained basis, the analyst tells investors in a research note. However, in the near-term, BMO sees headwinds that “likely too big of a hurdle to overcome,” including Portland ‘s sizable equity financing,, “noisy” regulatory environment, wildfire tail risk, and the lack of a track record executing against long-term earnings growth.