Mizuho Securities Raises Price Target on PG&E Corp. (PCG) Following Dividend Hike

Mizuho Securities reiterated a Buy rating on PG&E Corporation (NYSE: PCG), and raised the price target to $64.00 (from $56.00), following the company's surprise 7.7% dividend hike announcement. Changes in dividends are deemed permanent in nature and is likely to bind future leadership at the Company.

Analyst James Riesemann commented, "The PCG investment thesis appears to be on firmer ground with the surprise 7.7% dividend hike announcement (we were expecting Fall 2016) translating into a more visible 12% total return investment profile (4% EPS + 8% DPS). Despite the Company still facing legal challenges and regulatory investigations investors will continue to watch carefully, the focus should remain on the core story. The change in DPS suggests the company is more comfortable with its outlook. Raise target to $64; maintain Buy recommendation."

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 $57.61 yesterday.

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