Barclays upgraded Portland General Electric to Overweight from Equal Weight with a price target of $47, up from $44. The analyst sees an improved risk/reward skew for the shares as the firm expects the company’s 2024 earnings guidance to be north of consensus. Portland offered upside to capex on the Q4 call “with more to come” and is exiting fire season with binary downside less apparent, the analyst tells investors in a research note. The firm sees an attractive entry point with the shares trading at a 13% valuation discount to its small cap peers.
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