Market Overview

UPDATE: Deutsche Bank Downgrades PG&E Corporation

Share:

Deutsche Bank downgraded PG&E Corporation (NYSE: PCG) Wednesday from Buy to Hold and cut its price target from $54 to $52.

Analysts led by Jonathan Arnold commented that “it is now clear that the California PUC will not issue final decisions in the San Bruno investigations by year-end. Previously, our view had been that the CPUC would feel some pressure to resolve the cases by then. Absent that, it is not clear to us when we should expect CPUC action given the open-ended nature of the cases.”

“The other CPUC issues (ex parte violation disclosures, parties seeking extensive email disclosures from the company, the GT&S case) remain pending as well in addition to the federal criminal case,” according to the analyst note.

Arnold noted that “with PCG’s recent performance, we feel that we would need to support a premium valuation to maintain our Buy rating, and given the issues mentioned above, we do not feel compelled to push for a premium at this time.”

Arnold concluded that he continued “to believe that ultimately PCG can re-gain its premium valuation, but that path continues to be uncertain and potentially lengthy.”

Latest Ratings for PCG

DateFirmActionFromTo
Jan 2021Morgan StanleyMaintainsEqual-Weight
Jan 2021Wells FargoDowngradesEqual-WeightUnderweight
Dec 2020Morgan StanleyMaintainsEqual-Weight

View More Analyst Ratings for PCG
View the Latest Analyst Ratings

 

Related Articles (PCG)

View Comments and Join the Discussion!

Posted-In: Deutsche Bank Jonathan ArnoldAnalyst Color Downgrades Price Target Analyst Ratings

Latest Ratings

StockFirmActionPT
SLBB of A SecuritiesUpgrades31.0
CNSTBMO CapitalUpgrades50.0
MOSCitigroupUpgrades33.0
REGNBMO CapitalUpgrades630.0
CWKGoldman SachsInitiates Coverage On15.5
View the Latest Analytics Ratings
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com