UPDATE: Goldman Sachs Reiterates Neutral Rating, Raises PT on Portland General Electric Company After 4Q12 Earnings, 2013 Guidance

In a report published Monday, Goldman Sachs reiterated its Neutral rating on Portland General Electric Company POR, and slightly raised its price target from $28.00 to $29.00. Goldman Sachs noted, “After 4Q2012 earnings and better-than-expected 2013 guidance, we update our 2013-2015 EPS estimates from $1.73/$2.07/$2.13 to $1.87/$2.09/$2.14. Our revised estimates reflect (1) lower D&A assumptions in 2013, (2) slightly lower O&M expenses and (3) updated capital expenditures, particularly around the Port Westward natural gas plant. We continue to assume general rate increases in 2014 and mid-2015.” Portland General Electric Company closed on Friday at $29.16.