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Fly News Breaks for January 5, 2018
PEG
Jan 5, 2018 | 08:51 EDT
Morgan Stanley analyst Devin McDermott noted that PSEG underperformed the utility index yesterday, which he attributes to the fact that New Jersey Senate Bill 3560, which sought to establish a "Nuclear Diversity" program in the state, did not receive sufficient support and was withdrawn. However, he expects legislation supporting nuclear subsidies to be reintroduced in the next legislative term and believes the selloff was overdone. McDermott keeps an Overweight rating and $58 price target on PSEG shares.
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