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Fly News Breaks for January 7, 2020
Jan 7, 2020 | 06:34 EDT
BofA analyst Julien Dumoulin-Smith upgraded Portland General Electric to Buy from Neutral with a $60 price target ahead of the company's 2020 guidance and the "expectation reset" on the Q3 call. In a research note to investors, Dumoulin-Smith says that while the company adjusted down their load growth guidance from 50 basis points in 2019 to an expectation of flattish for the year, he continues to sense confidence from management around 1% long-term load growth and their 3-year earnings CAGR of 4%-6%. Coupled with ongoing cost cutting efforts, he views year-over-year EPS recovery as "entirely reasonable" and sees the recent dip in shares as an attractive entry point.
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