UPDATE: Jefferies Raises PT on PG&E to $51

Jefferies is out with its report today on PG&E (NYSE: PCG), raising its PT from $50.50 to $51.

In a note to clients, Jefferies writes, "Taking our 2013 EPS estimate of $3.70 in conjunction with a 13.6x P/E multiple (2013 average utility P/E multiple), we arrive at a price target of $51.00. Based on yesterday's closing price of $45.80, our current PT represents 12-month price appreciation and total return potential of 11.4% and 15.4%, including the yield of 4.0%."

Jefferies maintains Buy on PCG.

Shares of PCG closed Tuesday at $45.80, up 0.46% from Monday's close.