UPDATE: Jefferies Raises PT to $47.50 on PG&E Corporation Post In-Line Quarter

Jefferies reiterates its Hold rating on PG&E Corporation

and raises its price target from $44.50 to $47.50. Jefferies commented, "PG&E reported 2Q12 operating EPS of $0.81 versus our estimate of $0.80, FC consensus of $0.82, and versus $1.02 in 2Q11. The main drivers for the decrease was the absence of a 2Q11 "catch-up" for the delayed GRC decision ($0.13) and additional incremental work ($0.09). Management provided some qualitative guidance for 2013-14 and expects significant equity needs more than the $200-$300 million issued through the DRIP and 401k plans." PG&E Corporation closed at $45.78 on Tuesday.