Wells Fargo Downgrades PG&E Corporation (PCG) to Market Perform; Too Much Uncertainty, Not Enough Valuation Upside, In Our View

Wells Fargo downgraded PG&E Corporation (NYSE: PCG) from Outperform to Market Perform, price target range slightly lowered from $43-45 to $42-$44.

Wells analyst says, "Although we are reiterating our 2011-14 estimates, the CPUC's issuance of yet another OII further erodes our confidence in those estimates while adding one more overhang on PCG's stock. Reflecting slightly lower peer multiples, we are reducing our valuation range to $42-44. Given modest 7% upside to the high-end of our revised range, waning confidence in our 2012-14 estimates and upcoming regulatory events posing near-term risks, we think it is a good time to lower our rating."

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 $41.20 yesterday.

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