Jefferies Upgrades PG&E Corporation (PCG) to Buy

Jefferies upgraded PG&E Corporation (NYSE: PCG) from Hold to Buy with a price target of $45.00 (from $45.00).

The firm comments, "We are upgrading PG&E Corp. to Buy from Hold because we believe the stock will trade at a regulated group average P/E multiple once the San Bruno proceedings are resolved in mid-2013. We believe our estimates reflect a conservative assumption relative to the outcome from these proceedings as well as significant equity issuances to fund future capital spending."

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 $40.67 yesterday.

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