Argus upgrades PPL Corp to Buy, sees earnings growth from larger rate base

As previously reported, Argus upgraded PPL Corp. to Buy from Hold with a $30 price target. The company has been successful in cutting costs, and earnings growth should gain strength from its larger rate base, the analyst tells investors in a research note. In 2023, the company also received positive regulatory outcomes with approval for grid improvements in Rhode Island and $2 billion in generation investment in Kentucky, and the capital investment and increase in the base rate should drive earnings through at least 2026, Argus added.