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Investing.com - BMO Capital has lowered its price target on Public Service Enterprise Group Inc. (NYSE:PEG) to $85.00 from $89.00 while maintaining a Market Perform rating on the stock. Currently trading at $84.75, InvestingPro analysis suggests the stock is slightly overvalued, though analyst targets range from $71 to $103.
The firm revised its third-quarter 2025 earnings estimate for PEG to $1.06 per share, compared to $0.77 in the same quarter of 2024. PEG is scheduled to report its third-quarter 2025 results on November 3.
BMO also updated its earnings estimates for PEG for the years 2026 through 2029. The new projections are $4.42, $4.69, $4.97, and $5.32 per share, respectively, up from previous estimates of $4.30, $4.53, $4.87, and $5.21.
The firm attributed the out-year revisions primarily to higher capacity-related realized gross receipts assumptions at PEG Power. The price target adjustment reflects a lower UP&O peer multiple, partially offset by higher 2027 Power EBITDA and mark-to-market multiple.
BMO noted that while a long-term or large load announcement before year-end seems unlikely, updates on the large load inquiry backlog may show growing interest.
In other recent news, Public Service Enterprise Group Inc (PSEG) reported its second-quarter 2025 earnings, surpassing analyst expectations. The company achieved an earnings per share (EPS) of $0.77, beating the forecasted $0.71, which represents an EPS surprise of 8.45%. Revenue also exceeded predictions, reaching $2.8 billion compared to the expected $2.48 billion, marking a 12.9% surprise. Despite these positive results, Jefferies adjusted its price target for PSEG to $89.00 from $90.00, while maintaining a Hold rating. The firm noted the company’s 18% underperformance and highlighted ongoing regulatory uncertainty in New Jersey as a concern. These developments indicate that while PSEG’s financial performance exceeded expectations, external factors may continue to influence investor sentiment.
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