Why PPL Corporation (PPL) Went Up On Friday?

We recently published a list of 10 Firms End Friday Strong; 3 Reach All-Time Highs. In this article, we are going to take a look at where PPL Corporation (NYSE:PPL) stands against other firms that end Friday strong.

Wall Street’s main indices finished the trading week in the negative territory as investor sentiment was weighed down by economic uncertainties brought about by the ongoing trade tensions globally.

The tech-heavy Nasdaq fell the heaviest, by 2.70 percent, followed by the S&P 500, by 1.97 percent, and the Dow Jones, by 1.69 percent.

Despite the broader market downturn, 10 individual stocks showed a strong performance during the trading session, with three companies particularly notable for hitting new all-time highs.

In this article, we listed Friday’s top performers and detailed the reasons behind their gains.

To come up with the list, we considered only the stocks with a $2-billion market capitalization and $5 million in trading volume.

Aerial view of a power plant with smoke emitting from its cooling towers.

PPL Corporation (NYSE:PPL)

PPL Corp. soared to a new all-time high on Friday, finishing 2.09 percent higher to end at $35.71 apiece, as investors cheered JP Morgan’s rating and price target upgrade for the company.

At intra-day trading, PPL touched a record high of $35.97 before ending marginally lower towards the close.

On Friday, JP Morgan raised the company’s price target to $38 from $36 previously. The new figure represented a 6.4-percent premium from the company’s latest closing price.

PPL is an energy utility holding company based in Allentown, Pennsylvania which owns distribution utilities Louisville Gas and Electric Company and Kentucky Utilities Company, PPL Electric Utilities, and Rhode Island Energy.

PPL currently serves more than 1.3 million customers across its service areas.

Overall, PPL ranks 8th on our list of firms that end Friday strong. While we acknowledge the potential of PPL as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is as promising as PPL but trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

Disclosure: None. This article is originally published at Insider Monkey.