UPDATE: Bank of America Merrill Lynch Upgrades PPL to Buy

Bank of America Merrill Lynch is out with its report today on PPL PPL, upgrading PPL to Buy. In a note to clients, Bank of America Merrill Lynch writes, "We rate PPL as a Buy. We like PPL's quality generation portfolio, growing regulated earnings mix and attractive dividend yield. The company's merchant generation assets are well positioned for more stringent environmental regulations. We see the company's newly acquired utility businesses based in the U.K and in Kentucky as providing an additional stable source of earnings as power markets recover." Shares of PPL closed Friday at $28.01, down 0.07% from Friday's close.