UPDATE: Morgan Stanley Reiterates Overweight Rating, Removes PT on PG&E Corporation on Proposed Rate Decision

In a report published Thursday, Morgan Stanley analyst Rajeev Lalwani reiterated an Overweight rating on

, but removed the $53.00 price target. In the report, Morgan Stanley “After the close yesterday, the California Commission issued a Proposed Decision (PD) in PCG's pending electric & gas rate case that we believe was on the light side as it relates to rate base and growth over the next few years. However, our forecast already reflects the lower-half of management's guidance (company pointing to 2016 rate base of $32-35bil and our projection is $33bi) and we note clarity on the rate front remains key for shares, which this decision helps accomplish. Accordingly, we remain OW.” PG&E Corporation closed on Wednesday at $47.70.