UGI Corporation downgraded to Hold at Jefferies on Pennsylvania overhang

As previously reported, Jefferies downgraded UGI Corporation (UGI) to Hold from Buy with a price target of $40, down from $45. The firm perceive Pennsylvania as “likely to become more caustic” and argues that the gas rate case there now overhangs the rerate potential. The firm revised FY26-FY30 EPS 1%-8% reflecting more cautious Pennsylvania rate case expectations and the embedded electric sale.