The report said the stock trades at 3% to 4% discount to large-cap utility peers on 2030 EPS estimates, near its 5-year historical average discount of around 3%.
"While the discount could narrow toward group over time
as execution on the KY load pipeline develops and PPL's improved growth profile becomes more visible, we are not assuming significant re-rating," the report said.
The report said sources of upside remain unclear, pointing among others to a challenging PJM/PA environment for T&D utilities, and more cautious stance on data center development.
"We await more clarity before getting more positive," it said.
RBC started coverage of PPL with a sector perform rating and a price target of $35.
Price: 33.54, Change: -0.25, Percent Change: -0.74
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