Analyst Consensus ?
ConsensusBuy29 ratings
Bullish2172.4%
Neutral827.6%
Bearish00.0%
PPL Corporation · PPL · FY2024 Q2 · Calendar Q3 2024
PPL reaffirms guidance as data-center demand lifts investment outlook
PPL's maintained guidance and planned infrastructure investment support a constructive operating trajectory, with data-center demand as a potential growth driver. The thesis remains conditional on regulatory execution, financing capacity, and sustained demand.
Reported Before market openNYSEUtilities
$26.47B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.38
Consensus $0.33
EPS surprise
+15.6%
Reported versus consensus
Reported revenue
$1.88B
Consensus $1.92B
Revenue surprise
-1.9%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+1.1%
Event window
SPY move
-1.9%
Same window
Abnormal move
+3.0%
Stock minus SPY
Volume
2.4×
Versus trailing sessions
Subsequent drift
+4.1%
Up to 20 sessions
PPLSPY benchmark
Ask FN2 about PPL FY2024 Q2
Transcript, numbers and history already loaded
Why did PPL rise 1.1% after beating EPS estimates in FY2024 Q2?What changed in PPL's guidance and outlook in FY2024 Q2?Give me the bull and bear case for PPL after FY2024 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
The current analysis adds a Q2 earnings beat, reaffirmed full-year guidance, a $14.3 billion capital plan through 2027, and more specific data-center interconnection targets. Management also emphasized AI-enabled grid operations and progress on generation and regulatory projects.
Guidance delta
Maintained: full-year EPS guidance was reaffirmed.
Key takeaways
- Q2 ongoing earnings of $0.38 per share beat expectations, while full-year guidance was reaffirmed.
- PPL highlighted a $14.3 billion capital plan through 2027, including $3.1 billion of infrastructure improvements this year.
- Data-center interconnection projects target the first gigawatt in 2027 and 5 gigawatts by 2030, with $400–$450 million of related incremental capex discussed.
- The strategy combines transmission upgrades, low-carbon generation, and AI-enabled grid-management initiatives.
Management priorities
- Complete the $3.1 billion infrastructure improvement program.
- Advance Pennsylvania and Kentucky data-center interconnection projects.
- Bring the Mill Creek Unit 5 combined-cycle gas plant online by 2027 and the 120 MW solar facility by 2026.
- Continue AI deployments for grid balancing, peak shaving, and customer experience.
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Miss
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Analyst 52W Price Targets
$34.48Current
$28.5Low
$37.92Average
$48High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 20, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Barclays | Overweight | Overweight | Maintain | Oct 12, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Sep 28, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | Sep 18, 2026 |
| Jefferies | Buy | Buy | Maintain | Aug 25, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Aug 17, 2026 |
| BMO Capital | Outperform | Outperform | Maintain | Aug 10, 2026 |
| B of A Securities | Buy | Buy | Maintain | Jul 20, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Jul 16, 2026 |
| Mizuho | Neutral | Neutral | Maintain | Jun 5, 2026 |
| UBS | Neutral | Neutral | Maintain | Feb 23, 2026 |
| Citigroup | Neutral | Neutral | Maintain | Feb 23, 2026 |
| Guggenheim | Buy | Buy | Maintain | May 1, 2025 |
| RBC Capital | Outperform | Outperform | Maintain | Apr 11, 2024 |
| Argus Research | Buy | Hold | Upgrade | Mar 8, 2024 |
| Seaport Global | Buy | Neutral | Upgrade | Oct 6, 2022 |
| Credit Suisse | Outperform | Outperform | Maintain | Jun 16, 2022 |
| Wolfe Research | Outperform | Peer Perform | Upgrade | Mar 9, 2022 |
| CFRA | Strong Buy | Strong Buy | Maintain | Feb 14, 2020 |
| SunTrust Robinson Humphrey | Buy | Buy | Maintain | Dec 16, 2019 |
| Macquarie | Neutral | Underperform | Upgrade | Oct 23, 2019 |
| Bank of America | Neutral | Underperform | Upgrade | Aug 7, 2019 |
| Deutsche Bank | Hold | Buy | Downgrade | Aug 8, 2018 |
| Argus | Buy | Buy | Maintain | May 5, 2018 |
| Goldman Sachs | Neutral | Sell | Upgrade | Jun 26, 2017 |
| Tudor Pickering | Hold | Buy | Downgrade | Jun 2, 2015 |
| Hilliard Lyons | Buy | Buy | Maintain | Sep 30, 2014 |
| Ladenburg Thalmann | Buy | Neutral | Upgrade | Jun 12, 2014 |
| Atlantic Equities | Overweight | Overweight | Maintain | Nov 7, 2013 |
| ISI Group | Buy | Neutral | Upgrade | Jan 7, 2013 |
Named analyst price targets
Upside is calculated against the persisted current price $34.48. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Barclays | Michael Lonegan | $38 | $34.25 | +10.2% | Oct 12, 2026 |
| Scotiabank | Analyst unavailable | $36 | $32.11 | +4.4% | Sep 29, 2026 |
| Wells Fargo | Shahriar Pourreza | $44 | $32.03 | +27.6% | Sep 28, 2026 |
| Morgan Stanley | David Arcaro | $39 | $33.36 | +13.1% | Sep 18, 2026 |
| RBC Capital | Stephen D\'Ambrisi | $35 | $33.79 | +1.5% | Sep 15, 2026 |
| Jefferies | Paul Zimbardo | $44 | $35.04 | +27.6% | Aug 25, 2026 |
| Evercore ISI | Analyst unavailable | $42 | $36.02 | +21.8% | Aug 17, 2026 |
| BMO Capital | James Thalacker | $38 | $35.08 | +10.2% | Aug 10, 2026 |
| Raymond James | Analyst unavailable | $39 | $35.85 | +13.1% | Jul 20, 2026 |
| Barclays | Analyst unavailable | $41 | $36.07 | +18.9% | Jul 14, 2026 |
| BMO Capital | James Thalacker | $39 | $35.52 | +13.1% | Jun 5, 2026 |
| Mizuho Securities | Anthony Crowdell | $37 | $35.16 | +7.3% | Jun 5, 2026 |
| BMO Capital | Analyst unavailable | $40 | $36.06 | +16.0% | May 11, 2026 |
| Barclays | Analyst unavailable | $39 | $35.91 | +13.1% | May 11, 2026 |
| Morgan Stanley | Analyst unavailable | $43 | $38.44 | +24.7% | Apr 21, 2026 |
| Seaport Global | Analyst unavailable | $42 | $39.17 | +21.8% | Apr 20, 2026 |
| Jefferies | Analyst unavailable | $48 | $39.58 | +39.2% | Apr 13, 2026 |
| UBS | Analyst unavailable | $41 | $36.8 | +18.9% | Feb 23, 2026 |
| Morgan Stanley | David Arcaro | $42 | $37.54 | +21.8% | Feb 20, 2026 |
| Mizuho Securities | Anthony Crowdell | $39 | $37.57 | +13.1% | Feb 18, 2026 |
| Barclays | Analyst unavailable | $37 | $37.18 | +7.3% | Jan 22, 2026 |
| Wells Fargo | Analyst unavailable | $41 | $36.83 | +18.9% | Jan 20, 2026 |
| UBS | Greg Orrill | $36 | $33.98 | +4.4% | Dec 17, 2025 |
| Wells Fargo | Analyst unavailable | $45 | $33.47 | +30.5% | Dec 12, 2025 |
| Morgan Stanley | David Arcaro | $40 | $35.5 | +16.0% | Nov 20, 2025 |
| Wells Fargo | Analyst unavailable | $43 | $37.46 | +24.7% | Oct 27, 2025 |
| Morgan Stanley | Analyst unavailable | $41 | $37.82 | +18.9% | Oct 22, 2025 |
| BTIG | Alex Kania | $44 | $37.52 | +27.6% | Oct 21, 2025 |
| BMO Capital | James Thalacker | $41 | $37.67 | +18.9% | Oct 21, 2025 |
| Barclays | Nicholas Campanella | $40 | $37.44 | +16.0% | Oct 14, 2025 |
| UBS | Analyst unavailable | $39 | $36.94 | +13.1% | Oct 10, 2025 |
| Evercore ISI | Nicholas Amicucci | $43 | $37.15 | +24.7% | Oct 6, 2025 |
| Morgan Stanley | Analyst unavailable | $38 | $36.16 | +10.2% | Sep 25, 2025 |
| Jefferies | Paul Zimbardo | $39 | $32.66 | +13.1% | Oct 21, 2024 |
| Jefferies | Paul Zimbardo | $38 | $31.79 | +10.2% | Sep 19, 2024 |
| Bank of America Securities | Paul Cole | $34 | $31.34 | -1.4% | Aug 29, 2024 |
| Argus Research | Jacob Kilstein | $33 | $28.18 | -4.3% | Jun 10, 2024 |
| Morgan Stanley | David Arcaro | $32 | $28.64 | -7.2% | May 28, 2024 |
| Wells Fargo | Neil Kalton | $32 | $28 | -7.2% | May 2, 2024 |
| Argus Research | Jacob Kilstein | $30 | $27.18 | -13.0% | Mar 8, 2024 |
| Seaport Global | Angie Storozynski | $28.5 | $26.08 | -17.4% | Aug 4, 2023 |
| Morgan Stanley | Analyst unavailable | $26 | $27.42 | -24.6% | Nov 11, 2022 |
| Bank of America Securities | Paul Zimbardo | $33 | $30.24 | -4.3% | Aug 15, 2022 |
| Mizuho Securities | Anthony Crowdell | $29 | $27.85 | -15.9% | Jul 26, 2022 |
| Evercore ISI | Greg Gordon | $30 | $27.05 | -13.0% | Jul 7, 2022 |
| Credit Suisse | Analyst unavailable | $33 | $29.76 | -4.3% | Apr 26, 2022 |
| Morgan Stanley | Analyst unavailable | $32 | $30.12 | -7.2% | Apr 20, 2022 |
| Wolfe Research | Steve Fleishman | $30 | $26.58 | -13.0% | Mar 10, 2022 |
| Wells Fargo | Neil Kalton | $31 | $26.81 | -10.1% | Feb 22, 2022 |
| Citigroup | Ryan Levine | $33 | $28.97 | -4.3% | Sep 10, 2021 |
Track every rating change on PPL the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationPPL Corporation provides electricity and natural gas to approximately 3.6 million customers in the United States. It operates in three segments: Kentucky Regulated, Pennsylvania Regulated, and Rhode Island Regulated. The company engages in the transmission and distribution of electricity in eastern and central Pennsylvania; generation, transmission, distribution, and sale of electricity in Kentucky, Virginia, and Rhode Island; distribution and sale of natural gas in Kentucky and Rhode Island; sale of wholesale electricity in Kentucky; and generation of electricity from power plants in Kentucky. It generates electricity from coal, gas, hydro, and solar sources. The company was formerly known as PP&L Resources, Inc. and changed its name to PPL Corporation in 2000. PPL Corporation was founded in 1920 and is headquartered in Allentown, Pennsylvania.
Historical context
All PPL earningsLatest beats and misses
Who reports nextBeat on EPS
Missed on EPS
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2024-10-17T05:10:49.140638+00:00
- Polygon adjusted daily market bars · 2026-10-19T10:40:42.035826+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-19T10:40:42.032848+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-19. For educational purposes only; not investment advice.