UPDATE: Deutsche Bank Raises PT on Portland General Electric Following Solid Q1 Results

In a report published Wednesday, Deutsche Bank analyst Greg Poole reiterated a Buy rating on Portland General Electric Company POR, and raised the price target from $34.50 to $35.00. In the report, Deutsche Bank noted, “Delayed equity settlement to boost 2014; dividend raise now expected in '15. POR reported solid Q1 results and raised 2014 guidance, reflecting a delay in settling last year's forward equity sale into 1H15 from 1H14 (POR stated it was looking to do something similar on the Q4 call). In Q&A, management also indicated that a bigger dividend boost was more likely in 2015 than we had previously expected, a key positive in our view. Beyond these updates, POR's growth initiatives remain on target, with new plant constructions on track and on budget and expected to drive earnings growth through 2016. Reiterate Buy as the stock's YTD underperformance (+8.4% vs UTY up 13.5%) is unwarranted given solid execution and improved dividend prospects in '15.” Portland General Electric Company closed on Tuesday at $32.90.