UBS downgraded OGE Energy to Neutral from Buy with a price target of $39, down from $41. While OGE Energy has a strong balance sheet and a developing record for delivering on expectations, the stock’s 6% 2024 P/E premium appropriately reflects the skew of these positives and the risks of less favorable regulation in Oklahoma and a recession-induced slowdown in load growth, the analyst tells investors in a research note.
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Published first on TheFly
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