J.P. Morgan Downgrades Portland General Electric to Neutral, Reiterates PT of $27

J.P. Morgan downgraded its rating on Portland General Electric POR. At the same time, J.P. Morgan left its price target on the company's stock unchanged at $27. In a research report published today, J.P. Morgan states, "We are downgrading POR shares to Neutral from Overweight as the series of catalysts we anticipated at the end of 2010 have materialized, causing the stock's valuation gap vs. peers to substantially dissipate... we recommend that investors move to the sidelines in the near term while awaiting greater visibility into the company's future investment pipeline, but note that Portland General's growth prospects offer an attractive opportunity for long-term investors." On Wednesday, Portland General Electric finished the day at $25.31. Its shares lost 2.81% of their value in today's pre-market trading, however, to trade around $24.60.