PPL Corp (PPL) PT Lowered to $38 at Mizuho

Mizuho analyst Anthony Crowdell lowered the price target on PPL Corp (NYSE: PPL) to $38.00 (from $40.00) while maintaining a Neutral rating.

The analyst comments "PPL announced 1Q EPS of $0.63, beating consensus of $0.62. Heading into the call, investors expected more clarity on a GenCo/Blackstone deal announcement with the bulls and bears split on how detailed it would be. While management believes it can announce something by Y/E 2026, it acknowledged the process is long and complicated and shares traded down as a result. Additionally, we believe the fallout from Governor Shapiro’s recent letter has cast a shadow over all PA utilities/regulatory proceedings. We highlight that even though PPL has reached a PA settlement and navigated the state’s regulatory challenges better than other IOUs, investors will wait on the sidelines until approval, which is expected in June. While we view the stock as fairly valued and the call as balanced, investors appear to be questioning whether Governor Shapiro is seeking headlines or a more aggressive regulatory outcome. Stay tuned."

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