BofA analyst Ross Fowler reinstated coverage of Portland General Electric with an Underperform rating and $47 price target. The firm believes the risk to the current EPS outlook for the Oregon-based regulated utility warrants a larger discount as below-average growth is met with above-average risk. The firm cites the embedded earnings volatility driven by large equity needs, uncertainty around approvals in the current request for proposal process, potential volatility of power costs, and wildfire risk.
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