Ladenburg Thalmann reduced its price target for Portland General Electric Company (NYSE: POR) to $42.50 from $43.00 and held its Sell rating, placing the new objective well below POR's current market quote of $50.91. That share price sits roughly 1% under the utility's 52-week peak of $51.15.
The revision in valuation follows contested regulatory filings in which Portland General Electric proposed a $10 million refund to customers as part of an application submitted on January 30, 2026. Regulatory staff, however, recommended considerably larger refund amounts in response: $25 million if the holding company is not permitted to issue debt, or $115 million if debt issuance by the holding company is allowed.
According to Ladenburg Thalmann, every major participant in the regulatory matter opposes the creation of a Transmission Company (Transco) as Portland General Electric has proposed. The process is moving toward settlement negotiations, with those discussions scheduled to begin on February 20, 2026.
Separately, Portland General Electric has reached a settlement concerning its Distribution System Plan Alternative Recovery Mechanism. That agreement, which was filed with the Public Utility Commission of Oregon, reportedly resolves most outstanding issues tied to the plan but leaves the application of an earnings test unresolved.
Analyst opinions on POR diverge. BTIG reiterated a Buy rating and kept a $52.00 price target, citing forward movement in regulatory matters. BMO Capital Partners maintained a Market Perform rating and a $48.00 target, noting the company's settlement with the Citizens' Utility Board and the Staff of the Public Utility Commission of Oregon. Jefferies raised its price objective to $47.00 from $46.00 and retained a Hold rating, pointing to potential value that could be released through the formation of a holding company. Earlier in the regulatory process, Ladenburg Thalmann had downgraded Portland General Electric from Neutral to Sell and set a $43.00 price target following testimony tied to the company’s corporate restructure filing.
These developments underscore a mixture of analyst stances and regulatory progress that are influencing investor assessments of Portland General Electric’s financial outlook. With settlement discussions imminent and material refund scenarios on the table, the utility remains subject to regulatory outcomes that could affect its near-term valuation.
Summary
Portland General Electric faces regulatory scrutiny after proposing a $10 million customer refund; regulatory staff countered with alternatives ranging from $25 million to $115 million depending on holding company debt issuance. Ladenburg Thalmann lowered its price target to $42.50 while maintaining a Sell rating, and several other firms have issued divergent ratings and targets as settlement talks approach on February 20, 2026.
Key details:
- New Ladenburg price target: $42.50 (from $43.00) with a Sell rating.
- Portland General Electric share price cited at $50.91, about 1% below its 52-week high of $51.15.
- Regulatory refund proposals: company offered $10 million; staff proposed $25 million (no debt) or $115 million (if debt allowed).
- Settlement discussions in regulatory proceedings begin February 20, 2026.