Porland General cut to Neutral at DA Davidson

|By:, SA News Editor

Portland General Electric (POR -1.1%) hits new lows today after DA Davidson cut the shares from Buy to Neutral and lowers its price target from $35 to $33 on the back of weaker FY13 guidance.

The northwest utility reported a Q2 loss on Friday and lowered its full-year 2013 earnings guidance to $1.25 to $1.40 per share, which is a $0.10 decrease from its earlier June 3 guidance revision of $1.35 to $1.50.