Jefferies Raises Price Target on PG&E Corp. (PCG) Following Strong 1Q Report

Jefferies reiterated a Buy rating on PG&E Corporation (NYSE: PCG), and raised the price target to $66.50 (from $64.50), following the company's 1Q earnings report. PCG reported an EPS of $0.87, beating the consensus estimate of $0.75.

Analyst Anthony Crowdell commented, "PCG announced 1Q16 EPS of $0.87 vs our estimate of $0.80, consensus of $0.75, and last year's earnings of $0.87. The Utility booked a $381MM pre-tax charge related to the Butte fire and expects to raise an additional $100MM in equity to fund the cost. We believe 2016 will be a year of closure with the overhang from San Bruno expected to be lifted in the summer which should be followed by a much delayed dividend raise."

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 $59.14 yesterday.

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