Deutsche Bank Has Hold On PPL Corp.

Deutsche Bank is out with a research report on PPL Corp. PPL with a Hold rating and a $23 price target on shares. In a note to clients, Deutsche Bank writes, "PPL reported solid 2Q11 results on Friday and provided 2013 hedge details for the Supply generation segment for the first time. To our surprise, PPL is mostly hedged in 2013, locking in price spikes before the finalization of the Cross-State Air Pollution Rule (CSAPR). On the call, PPL noted that they are fully open on 2014, hoping that CSAPR boosts prices. We remain concerned that absent a 2014 price jump, the impact of above-market hedges rolling off and additional share dilution from PPL's converts will result in an EPS decline in 2014." Shares of PPL closed at $26.56 on Friday.