Jefferies Maintains Buy on PPL Corp. (PPL)

Jefferies is out with its report today on PPL Corp. PPL, maintaining Buy and a $30 PT. In a note to clients, Jefferies writes, "PPL reported 4Q10 operating earnings of $0.83 versus our estimate of $0.55, consensus of $0.57, and $0.52 in 4Q09. We are maintaining our 2011-2013 EPS estimates of $2.50, $2.35, and $2.10, respectively. We find PPL shares undervalued, trading at a discount to our average open EV/EBITDA multiple for integrated merchant names as well as a P/E discount. With lower risk following the acquisition of the Kentucky utilities and capacity pricing upside expected in eastern PJM, we believe the discount will narrow." Shares of PPL are trading pre-market at $24.95, down 0.52% from Friday's close.