PPL Corp. price target lowered to $42 from $43 at BofA

BofA lowered the firm’s price target on PPL Corp. (PPL) to $42 from $43 and keeps a Buy rating on the shares. The firm estimates Q1 adjusted EPS of 60c, in line with Q1 2025 on a normalized basis. The primary year-over-year tailwind is the KY base rate order effective January 1, which added about $233M in revenue across LG&E and KU. This is partially offset by higher D&A, interest expense and modest dilution from ongoing equity issuance.