PG&E price target raised to $21 from $20 at Wells Fargo

Wells Fargo raised the firm’s price target on PG&E to $21 from $20 and keeps an Overweight rating on the shares. The new 5-year financing plan supports PG&E’s EPS compound annual growth rate goal of 10%, the analyst tells investors in a research note. The firm thinks its 20%-25% P/E multiple discount vs. peers is overly pessimistic.