UPDATE: Jefferies Reiterates Buy Rating, Raises PT on PG&E Corporation as All Equity is Not Created Equal

In a report published Wednesday, Jefferies analyst Paul B. Fremont reiterated a Buy rating on PG&E Corporation PCG, and raised the price target from $51.00 to $53.00. In the report, Jefferies noted, “The cash contribution of deferred taxes will significantly reduce the need for PG&E to raise equity. The lower share count is expected to increase the earnings power of the company making PG&E attractive on a valuation basis. Jefferies believes there may be further earnings upside associated with PG&E's cap structure and potential earnings on CWIP.” PG&E Corporation closed on Tuesday at $47.23.