UBS downgraded PPL Corp. to Neutral from Buy with a price target of $25, down from $29. The firm cites a change in the company’s regulatory ranking which reduces the valuation to a +4% Utility P/E premium valuation versus +10% previously for the downgrade. A Kentucky PSC ruling by November 6 will likely support 6%-8% EPS growth guidance, but if there are material changes, Kentucky regulation will remain at the forefront of the story, the analyst tells investors in a research note.
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