Credit Suisse downgraded PG&E Corporation (NYSE: PCG) from Outperform to Neutral with a price target of $58.00 (from $61.00).

Analyst D. Eggers commented, "PCG found a balance on their 2Q call that focused largely on the goals of continued healing at the company, both with mgmt. changes and recognition that more work needs to be done with stakeholders including the CPUC. Since clarity on timing to resolve San Bruno emerged a year ago, the stock has done well against peers with the discount largely closing when we now look at 'cleaner' 2017 estimates (but is still a little cheap). However, with a busy regulatory calendar ahead and mgmt's deference to focusing on healing relationships that in turn will push out discussions on dividend policy and longer-term growth rates to some point in 2016 - the steps we think are needed to firm up their position as a recovered and well-functioning utility with a valuation to match - we think the stock will more likely perform in-line with peers at least to 2016 and are accordingly lowering our rating to Neutral with a $58 target."

The firm updated '15-17 estimates are $3.04, $3.71, and $3.69, respectively.

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 $52.34 yesterday.