PG&E sees 2014 to significantly recover from recent uncertainties Sees 2014-2016 infrastructure investments of $4.5B-$6B; Sees 2014 average authorized rate base $28.5B-$29B; Sees 2016 average authorized rate base $32B-$35B.
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PG&E valuation attractive, says Bernstein Bernstein sees 20% total return potential for PG&E's stock through 2014 if regulators adopt the firm's "base case" punishment for San Bruno. In a more adverse scenario, the firm thinks the stock would return 12% over the same period. It reiterates an Outperform rating on PG&E.