PSEG price target lowered to $66 from $70 at BofA

BofA lowered the firm’s price target on PSEG to $66 from $70 and keeps a Buy rating on the shares. The firm’s price target cut is primarily due to the decline of utility valuations mark-to-market and from higher assumed parent interest rates, but it still sees an attractive setup for the shares versus peers who have not yet fully reflected the higher interest rate environment.