Jefferies analyst Paul B. Fremont bumped his price target on Buy-rated PG&E Corporation (NYSE: PCG) to $51.00 (from $50.50) following Q1 results.

Fremont commented, "PCG reported 1Q EPS of $0.54, which was slightly below our estimate of $0.55 and Consensus of $0.66. The primary driver for the miss was the delay in rate relief associated with the company's 2014 GRC. Once the GRC is decided, rates will be retroactive to January 1, 2014, and provide the utility with recovery of all expenses since that date. And finally...still waiting on a San Bruno proposed decision."

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Shares of PG&E Corporation closed at $45.75 yesterday.