UPDATE: DA Davidson Raises Target on Portland General Electric

DA Davidson raies its target price on Buy-rated Portland General Electric POR by $1 to $29 on as earnings for Q4 were dragged down by non-recurring items. DA Davidson comments, "Portland General Electric reported 4Q'11 EPS of $0.38, compared to $0.34 a year ago. 4Q'10 results included $0.19 of earnings drag tied to Oregon's now-repealed utility tax law (SB 408) and a $0.04 earnings benefit attributable to noncontrolling interests. We were forecasting $0.45. ... These nonrecurring earnings drags reduced quarterly EPS by ~$0.10." POR closed at $24.75 a share yesterday.