UPDATE: Jefferies Color on PG&E Target Decrease

Jefferies, which lowered its PT on shares of PG&E (NYSE: PCG), is providing some color on the stock.

“We are increasing our 2Q11 EPS estimate by $0.10 to $1.00 to reflect higher revenue coming from the GRC approval. The GRC was approved in the 2Q11 with rates being retroactive to the beginning of the year,” Jefferies writes. “The company will recover the lost revenue from the 1Q11 in the 2Q11.”

PG&E closed Wednesday at $42.61.