Portland General Electric upgraded to Overweight from Sector Weight at KeyBanc

KeyBanc upgraded Portland General Electric to Overweight from Sector Weight. Portland General remains one of the least expensive names in the utilities group heading into the Q2 reports, the analyst tells investors in a research note. The firm says that while small- and mid-cap names have underperformed large cap utilities in the first half of 2024, Portland’s multiple is at the bottom of the SMID group as well. It believes that fund flows and market dynamics will favor smaller caps in the the second half of 2024 and views the company as a higher quality name in that peer group, deserving a premium, not a discount.