UPDATE: Deutsche Bank Lowers PT on Northeast Utilities to $35

Deutsche Bank is out with its report today on Northeast Utilities NU, lowering its PT from $35.50 to $35. In its report, Deutsche Bank writes, "Our $35 price target is based upon a 13.4x P/E multiple applied to our 2013E. We believe NU merits a 7% premium to peers given above average growth potential and exposure to FERC-regulated transmission, regulatory diversity (albeit modest) with operations in three states, an attractive environmental position, and lower risk profile as a mostly T&D (transmission and distribution) utility in the Northeast." Deutsche Bank maintains Hold on NU. Shares of NU closed Wednesday at $33.05.