Citing their earnings per share growth potential and the positive regulatory climate they operate in, Wells Fargo (NYSE:WFC) upgraded PG&E Corp. (NYSE:PCG) from "Market Perform" to "Outperform."
Specifically noted is its likely settlement in the General Rate Case.
Wells said, "PG&E operates in what we consider to be a constructive
regulatory climate where rates are decoupled from sales volumes. We also
think it has above-average EPS growth prospects driven by investment in
renewable-focused projects and the smart grid. Plus, we think proposed
settlements in its General Rate Case and its gas transmission/storage case
reduces regulatory risk."
The valuation on PG&E Corp. was raised by Wells Fargo from $44.00 to $46.00 to $50.00 to $52.00.
PG&E closed the trading session at $47.21, gaining $0.31, or 0.66 percent.
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