Analyst Note| Travis Miller |
We are reaffirming our $54 fair value estimate for Public Service Enterprise Group after New Jersey Gov. Phil Murphy on Nov. 10 signed an executive order requiring a 50% cut in the state's greenhouse gas emissions from 2006 levels by 2030. This helps clarify the path to New Jersey's 80% GHG reduction target by 2050. We are maintaining our narrow moat and stable moat trend ratings.