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UPDATE: Deutsche Bank Upgrades PG&E As Base Case Just Got Better

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In a report published Wednesday, Deutsche Bank analyst Jonathan Arnold upgraded the rating on PG&E Corporation (NYSE: PCG) from Hold to Buy, and raised the price target from $49.50 to $52.00.

In the report, Deutsche Bank noted, “PCG reported 3Q14 operating EPS of $1.73 versus our $1.21E and $1.12 consensus. Versus our estimate, lower taxes related to new IRS guidelines on repair deductions similar to what EIX has seen (+$0.18), timing-related tax and other expenses (+$0.17), GRC-related recoveries (+$0.05), and miscellaneous positives (+$0.08) were the drivers of the upside. The repair deduction benefit was triggered by the General Rate Case (GRC) decision during Q3 and is expected to continue (at some level) through the current rate period (2014-16).”

PG&E Corporation closed on Tuesday at $47.52.

Latest Ratings for PCG

DateFirmActionFromTo
Jan 2021Morgan StanleyMaintainsEqual-Weight
Jan 2021Wells FargoDowngradesEqual-WeightUnderweight
Dec 2020Morgan StanleyMaintainsEqual-Weight

View More Analyst Ratings for PCG
View the Latest Analyst Ratings

 

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Posted-In: Deutsche Bank Jonathan ArnoldAnalyst Color Upgrades Analyst Ratings

Latest Ratings

StockFirmActionPT
URIVertical ResearchInitiates Coverage On310.0
PCARVertical ResearchInitiates Coverage On95.0
DEVertical ResearchInitiates Coverage On345.0
CNHIVertical ResearchInitiates Coverage On16.0
AGCOVertical ResearchInitiates Coverage On119.0
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