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In a report published Friday, Jefferies reiterated its Buy rating on PG&E Corporation
PCG, and slightly raised its price target from $45.00 to $46.00.
Jefferies noted, “PCG reported in-line 4Q12 EPS and provided 2013 guidance of $2.55-$2.75 versus Consensus of $2.78. The lower than expected guidance was negatively impacted by $250M of incremental O&M and higher depreciation and interest expense associated with greater CAPEX . The company is planning to issue $1.0-$1.2B of equity in 2013, which does not include a fine and was much higher than The Street was assuming.”
PG&E Corporation closed on Thursday at $41.41.
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