Barclays downgraded PSEG (PEG) to Equal Weight from Overweight with a price target of $84, down from $88. The company’s setup for fiscal 2025 is “more complicated,” the analyst tells investors in a research note. The firm expects PSEG’s fiscal 2025 earnings per share guidance to miss the consensus estimate of $4.03. The company’s longer-term margin enhancement opportunity at Artificial Island remains intact, but is unlikely to materialize in the first half of 2025 with the earnings ramp and cash flow potentially already reflected in the stock’s current premium multiple, contends Barclays.
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