PPL's Strong Growth Potential and Strategic Initiatives Drive Buy RatingWe reiterate our Buy rating on PPL Corp (PPL) as we continue to believe shares provide an particularly attractive entry point for a business with above-average EPS growth prospects of 7.5% (in our view), a strong top-tier balance sheet (16-17% FFO/debt), constructive regulatory jurisdictions, and incremental growth opportunities through data centers. On the 3Q25 call, we expect management to touch on regulatory strategy with a rate case filed in a rate case settlement in Kentucky likely in November, the ongoing Necessity (CPCN) process in Kentucky with a decision likely by November, data center customer pipeline updates (and the recently announced JV with Blackstone), legislative updates (HB1272 in Pennsylvania), and financing / capital plan updates.