Jefferies Lowers EPS Estimate From $3.70 to $3.50 and PT From $51.00 To $50.50 On PG&E (PCG)

In a recent report, Jefferies has lowered EPS estimates on PG&E PCG from $3.70 to $3.50 and has also lowered the price target on the company from $51.00 to $50.50 after 1Q EPS estimates were disappointing. In the report, Jefferies said, "PG&E lowered its 2011 EPS guidance range to $3.45-$3.60, from $3.65-$.3.80, primarily to reflect higher expense from items such as litigation and regulatory charges, storm cost, dilution due to additional share issuance and lower than previously expected gas storage revenue." EG&E closed yesterday at $45.55.