UPDATE: D.A. Davidson Downgrades Portland General Electric on Fair Valuation

In a report published on Monday, D.A. Davidson analyst Michael Bates downgraded Portland General Electric (NYSE: POR) from Buy to Neutral and lowered the price target from $35 to $33.

In the report, D.A. Davidson commented, "Shares of POR have returned roughly 50% (including dividends) to holders since we recommended the stock two years ago. With active development of the utility’s key growth projects underway, we continue to expect solid rate base and earnings growth through 2017, but believe the stock’s risk/reward profile is adequately reflected at the current price."

Portland General Electric closed Friday at $31.71.