Deutsche Bank Has Hold Rating On PG&E Corp (PCG)

Deutsche Bank has a Hold rating and a $45 price target on shares of PG&E Corp PCG after the company reported earnings. In a note to investors, Deutsche Bank writes, "PCG reported a very weak Q1 and cut 2011 guidance. While some might view this quarter as "clearing the decks" we remain concerned about ongoing challenges, particularly with a new CEO arriving in the coming weeks. Thus far, pipeline safety expenses have continued to climb and we do not have conviction that PCG is being especially conservative in its reduced outlook. We reiterate our Hold rating, as we believe uncertainties regarding pipeline costs, earned ROEs, and the 2013 cost of capital reset will continue to weigh on the stock." Shares of PCG lost 55 cents yesterday to close at $45.55, a loss of 1.2%.