UPDATE: Deutsche Bank Reiterates Buy Rating, Lowers PT on PG&E Corporation Following Rate Case Filing

In a report published Friday, Deutsche Bank analyst Greg Poole reiterated a Buy rating on

, but lowered the price target from $46.00 to $45.00. In the report, Deutsche Bank noted, “Late Thursday PCG filed their 2015 rate case for the Gas Transmission & Storage business. This covers 2015-2017 and was made early with a view to getting a timely decision. As expected the request involves a significant $555M revenue increase for 2015 and attrition increases of $61M in 2016 and $168M in 2017. Revenue for 2015 would be $1.29B so the initial increase amounts to some 75% (PCG estimates 13% adjusting for share-holder funded spending in 2014). Comparing rate base ask of $3.56B in 2015 with our model is complicated by the PSEP base level, but we believe the starting ask may be $200M-$300M higher with modestly higher growth in 2016 and 2017.” PG&E Corporation closed on Thursday at $40.22.