Portland General Electric downgraded at Guggenheim following outperformance

As previously reported, Guggenheim analyst Shahriar Pourreza downgraded Portland General Electric to Neutral from Buy with a price target of $50, down from $54. The stock has seen “sustained outperformance” in recent months, notes the firm, which sees “a quieter catalyst pathway” for the rest of the year. The firm adds that it sees “nothing amiss with the overall story,” and maintains the view that growth could step even higher under various future RFP scenarios, but these catalysts remain longer-dated given that the next RFP selection won’t happen until 2024.