PPL rises after utility firm's $1 bln equity units sale, Wall Street upgrade

PPL

24/02/2026 12:32

** Shares of electric and gas utility PPL Corp  PPL.N up 1.3% premarket at $37.73 after secures capital raise and gets analyst upgrade

    ** Allentown, Pennsylvania-based firm late Mon announced pricing 20 mln units at $50 for $1 bln

    ** The 3-yr mandatory convertible units have 7% annual dividend and threshold appreciation price set at about $46.58, 25% above stock's last close of $37.26

    ** PPL shares on Mon dipped 0.5% after co launched offering to repay short-term debt and for other general corp purposes

    ** JP Morgan, BofA, Morgan Stanley and RBC joint bookrunners

** Through Mon, PPL shares up ~6% YTD compared to 9% gain in S&P 500 Utilities index .SPLRCU

** Separately, Barclays upgrades PPL to 'overweight' from 'equal-weight'

    ** Avg rating of 15 analysts is "buy"; median PT $40, per LSEG data

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))