UBS analyst Daniel Ford upgraded PSEG to Buy and raised his price target for the shares to $60 from $56. The analyst expects the company to benefit from market reform initiatives to introduce zero emission certificates in New Jersey, rework power price formation in PJM Interconnection and adjust capacity market outcomes for the impact of subsidized assets at the Federal Energy Regulatory Commission over the next year. He sees "no downside but potential upside" from FERC capacity market reforms expected to be ruled on in Q1 of 2019 and models $200M of margin beginning in May 2019 for zero emission credits for PSEG's NJ nuclear assets.