Guggenheim gives five key reasons for upgrading PSEG to Buy

As previously reported, Guggenheim upgraded PSEG to Buy from Neutral with a price target of $82, up from $72, driven by five key reasons. These include increasing confidence around near-term upside from data center deployment at the Salem/Hope Creek site in New Jersey; a more constructive outlook on recent commodity curves and contracted generation; a more constructive view of regulatory alignment in New Jersey; potential multiple expansion from other data center deal announcements; and the company’s potentially improving position among the utility sector from a capital allocation perspective.