NEW YORK (TheStreet) -- PPL (PPL) - Get Report stock was upgraded to "buy" from "hold" at DeutscheBank on Friday. The firm raised its price target on the stock to $36 from $34.50. 

The Allentown, PA-based energy company's stock rating was upgraded after PPL increased its projected EPS growth through 2017, Deutsche Bank said. PPL raised its earnings projections yesterday to 6% compound annual earnings growth from its previous estimate of 4% to 6% growth.

PPL reported 2015 third quarter earnings of 51 cents per share, compared to Deutsche Bank's projections that the company would report earnings of 47 cents per share.

"We have been hesitant to recommend post-spin PPL despite its relative value because we struggled to support an argument for a premium relative to regulated electric peers," Deutsche Bank added. "With the regulated group pulling back on fears of a Dec. Fed hike, we now see attractive upside without having to count on a premium."

Deutsche Bank analysts raised their 2016 earnings estimates for PPL to $2.30 from $2.25 per share and its 2017 earnings estimates to $2.40 from $2.30 per share. 

Shares of PPL were up by 0.65% to $34.01 in early morning trading on Friday.

TheStreet Recommends

Separately, TheStreet Ratings team rates PPL CORP as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:

We rate PPL CORP (PPL) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its solid stock price performance, notable return on equity, growth in earnings per share and expanding profit margins. We feel its strengths outweigh the fact that the company has had sub par growth in net income.

You can view the full analysis from the report here: PPL

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