Jefferies Cuts Price Target on PG&E Corp. (PCG) to $68 Following 3Q EPS Miss
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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."
Shares of PG&E Corporation closed at $61.09 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesJefferies & Co, Earnings
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