Jefferies Cuts Price Target on PG&E Corp. (PCG) to $68 Following 3Q EPS Miss

November 8, 2016 7:17 AM EST
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Price: $61.36 +0.43%

Rating Summary:
    14 Buy, 7 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Jefferies maintained a Buy rating on PG&E Corporation (NYSE: PCG), and cut the price target to $68.50 (from $70.00), following the company's 3Q earnings report. PCG reported EPS of $0.94, coming in below consensus estimates of $1.09. Management affirmed 2016 guidance of $3.65-$3.85.

Analyst Anthony Crowdell commented, "PCG announced 3Q16 EPS of $0.94 vs our estimate of $1.15, consensus of $1.09, and last year's earnings of $0.84. The company affirmed 2016 guidance (earnings and equity) and issued 2017 guidance of $3.65-$3.85 and $400-$600 MM in equity needs, and rate base growth of 6.5%-7.0% through 2019. We reiterate our Buy on PCG and believe the stock is undervalued."

For an analyst ratings summary and ratings history on PG&E Corporation click here. For more ratings news on PG&E Corporation click here.

Shares of PG&E Corporation closed at $61.09 yesterday.

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