UPDATE: Deutsche Bank Raises PT on PSEG to $38 (PEG)

Deutsche Bank is out with its report today on PSEG PEG, raising its price target from $37 to $38. In a note to clients, Deutsche Bank writes, "Initial 2011 guidance was in line with DB est but below consensus, though the stock rallied off the news. Customer migration was a focal point on the call as switching accelerated in Q4, particularly among residential customers, and PEG disclosed its migration assumptions. We lowered our 2012 estimate on updated hedging disclosures, but raising our PT $1 to $38 on bonus depreciation cash." Deutsche Bank reiterates Buy on PEG. Shares of PEG closed Wednesday at $32.30.