PSEG downgraded to Hold from Buy at Jefferies

Jefferies downgraded PSEG (PEG) to Hold from Buy with a price target of $89, down from $90, citing lower estimates and reduced confidence on existing nuclear plant data center deals. The firm’s new long-term estimates are closer to consensus, notes the analyst, who says a ratepayer protection pledge reduces hyperscaler interest in contracting with existing assets without new generation.