NEW YORK (TheStreet) -- Public Service Enterprise Group (PEG - Get Report) stock price target was raised to $47 from $45 at Barclays, which also maintained its "equal weight" rating.

The Newark-based energy holding company is engaged in the transmission of electricity and distribution of electricity and natural gas. Its subsidiaries include PSEG Power and PSE&G.

"PEG rolled forward its spending outlook 1 year to 2020 with the benefit of needing no new equity for the foreseeable future and having previously identified 1,800 MW of development growth at PSEG Power," Barclays said in an analyst note.

PSEG is growing with a strong balance sheet, the firm added.

The company said it would need to grow the PSEG Power business prior to a spinoff, if they were to pursue one. It is not interested in participating in small and mid-cap mergers and acquisitions at recent transaction multiples, Barclays noted.

The company's stock is higher by 0.68% to $44.62 on Monday morning.

Separately, TheStreet Ratings Team has a "Buy" rating with a score of A on the stock.

This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks rated.

The company's strengths can be seen in multiple areas, such as its notable return on equity, reasonable valuation levels, good cash flow from operations, solid stock price performance and largely solid financial position with reasonable debt levels by most measures.

The team believes its strengths outweigh the fact that the company has had sub par growth in net income.

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

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