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PSEG price target raised to $83 from $78 at Morgan Stanley

Morgan Stanley analyst David Arcaro raised the firm’s price target on PSEG to $83 from $78 and keeps an Overweight rating on the shares. In July, utilities outperformed the S&P’s +1.22% return by 560 bps, the analyst tells investors. The firm notes the company’s improving utility outlook and undervalued merchant power business.

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