Deutsche Bank Lowers PG&E PT To $49, Reiterates Hold (PCG)

Deutsche Bank lowered its PG&E PCG price target from $50 to $49 and reiterated its PG&E Hold rating in a research report published today. In the report, Deutsche Bank states, "We expect negative headlines on San Bruno to continue, particularly with the upcoming NTSB hearings and conclusion of the CPUC investigation in 1H11. The impact of these investigations remains unclear, but PCG's increase of the San Bruno cost estimate highlights the potential ongoing risks. In addition, uncertainty in California lingers while one seat remains open on the CPUC. Despite PCG's relatively attractive valuation, we remain concerned that San Bruno and California regulatory uncertainty will weigh on the stock in the near term." Shares of PG&E closed Thursday at $45.56, down 0.96% from Wednesday's market close.