PSEG upgraded to Outperform at Evercore ISI on ‘constructive’ NJ frameworks

Evercore ISI upgraded PSEG (PEG) to Outperform from In Line with a price target of $96, up from $83. The firm’s thesis centers on a predominantly regulated earnings mix, “constructive” New Jersey regulatory frameworks, disciplined capital deployment, and embedded upside from nuclear optionality in a tightening PJM supply-demand environment, the analyst tells investors.