Public Service Enterprise: Not Great Results, But Better Valuation (Rating Upgrade)

Public Service Enterprise Group Incorporated is now a Hold due to persistent overvaluation and limited upside despite strong fundamentals - higher than in my last article. PEG's Q3 adjusted EPS beat consensus, but GAAP EPS missed by nearly 40%, highlighting profitability and valuation concerns. AI and data center-driven demand remain unproven, with electricity sales growth stagnant at just 1%, undermining bullish growth narratives.