PSEG price target lowered to $62 from $64 at Barclays

Barclays analyst Nicholas Campanella lowered the firm’s price target on PSEG to $62 from $64 and keeps an Overweight rating on the shares. The analyst sees a “somewhat challenging quarter” for the U.S. utilities group. It has become “increasingly clear that higher for longer rates and lower stock prices are creating a headwind to sector growth,” the analyst tells investors in a research note. The firm maintains a Neutral view on the industry into the Q3 reports as it does not believe earnings expectations have bottomed.