PSEG upgraded to Overweight from Equal Weight at Wells Fargo

Wells Fargo analyst Shahriar Pourreza upgraded PSEG (PEG) to Overweight from Equal Weight with a price target of $92, up from $88. While 2026 could see negative New Jersey headlines, Wells sees fundamentals converging with valuation, the analyst tells investors in a research note. Opening the door to regulated generation in the state could be an accretive opportunity, though dynamics could present headline risk for PSEG in early 2026, the firm says.