UBS reiterates PPL stock rating on Rhode Island rate case progress

UBS has reiterated its Neutral rating and $41.00 price target for PPL Corp (NYSE:PPL) following developments in the company’s Rhode Island rate case. Despite the Rhode Island Division of Public Utility Staff recommending a lower return on equity than PPL’s proposal, UBS views this recommendation as a workable start to the regulatory process. The utility company, which has maintained dividend payments for 56 consecutive years, is currently seen as overvalued according to InvestingPro analysis, though other analysts like Jefferies, Wolfe Research, BTIG, and BMO Capital have recently raised their price targets due to progress in other regulatory cases.

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