BUZZ - Jefferies rates Talen as "Hold" and lowers target price due to weak PJM power price outlook

October 26 - ** Jefferies has rated power producer Talen Energy (TLN.O) as "Hold" and lowered the target price from $420 to $371

** The new target price is 13% above the stock's previous trading day's closing price

** The broker cut its 2028-2030 EBITDA forecasts due to weakening PJM forward electricity prices and, given Talen's exposure to market risk, maintains a cautious stance

** Ahead of Talen's third-quarter results, Jefferies expects investors to focus on regulatory updates as well as 2027 guidance after incorporating Cornerstone, and does not anticipate any transaction announcements

** Out of 21 brokers, 19 rate the stock "Buy" or higher, and 2 rate it "Hold"; the median target price is $475 — data compiled by LSEG

** Including the day’s fluctuations, Talen is down 9.11% year-to-date

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