Bernstein has retained an Outperform rating on Power Finance Corporation (PFC) and REC but cut its target prices and loan-growth estimates, citing stronger competition from banks, slower renewable capacity additions and improving financial health among state-owned DISCOMs. The brokerage lowered its target to Rs 465 for PFC and Rs 410 for REC, while reducing FY26-FY28 loan-book growth estimates to 7%.