Goldman Sachs Revises PPL Estimates

After 1Q2011 reporting, “we reiterate our Buy rating on PPL Corporation PPL, maintain our $29/sh target price and update our 2011E-2013E estimates from $2.64/$2.37/$2.46 to $2.70/$2.45/$2.42,” Goldman Sachs reports. “Our new forecasts incorporate: (1) 1Q2011 earnings, where the company reported $0.84 for the quarter, above GS/consensus estimates of $0.78/$0.73, (2) updated hedging at US Supply, as the company hedged 18% more of its output for 2012, (3) a 2Q2011 outage at their nuclear facility, implying modestly lower generation and higher O&M expenses, and (4) slightly higher environmental spending and LT regulated earnings at the Kentucky regulated segment,” Goldman Sachs writes. PPL closed Thursday at $27.39.