Mizuho analyst Paul Fremont expects a further delay until early 2021 in PSE&G's energy efficiency rate filing. He believes the New Jersey Commission will finalize its proposed quantitative performance indicators late next year since they must be vetted under the New Jersey's Administrative Procedure Act. The possible delay results in a decrease in the analyst's forecast utility spending through 2021 and lower utility earnings. Nonetheless, the analyst raised his price target for PSEG shares to $62 from $60 and affirms a Buy rating on the name. He increased his PSEG Power estimates.