J.P. Morgan is out with a research report today with coverage on the Regulated Electric Utilities industry.
In the report, J.P. Morgan left CMS Energy CMS, ITC Holdings ITC, NV Energy NVE, and Portland General Electric POR at Overweight, retained its Xcel Energy XEL Neutral rating, and downgraded PG&E PCG from Overweight to Neutral.
In regards to PG&E, J.P. Morgan states, "As we discussed with our downgrade of PG&E Corp. to Neutral from Overweight, we expect the shares to trade in line with the group, at best, for the next several months, which was the driver behind our downgrade. Despite appointment of a consumer advocate to the PUC, the PUC's support of the utilities might not deteriorate; nonetheless, we expect the uncertainty about the PUC's treatment of the utilities to weigh on the shares until investors get better visibility into how the PUC
will treat the companies."
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