As previously reported, Wells Fargo analyst Neil Kalton downgraded Edison International (EIX) to Market Perform from Outperform to reflect his increasing pessimism that there would be meaningful change to California's inverse condemnation law in the near-term. As a result, investors could remain exposed to substantial tail risk in the event the company's infrastructure is implicated in a catastrophic wildfire, he contends. Positively, Kalton continues to believe PG&E's (PCG) bankruptcy filing could be the catalyst that prompts substantive change to IC. The analyst also trimmed his price target on Edison International's shares to $65 from $66.

Barclays raised the firm's price target on PG&E to $21 from $20 and keeps an Overweight rating on the shares. The shares "look cheap" into the analyst day with the company's financing plan now behind us, the analyst tells investors in a research note.

"Our focus on safety and reducing wildfire risk continues every day as we deliver for our customers and our hometowns here in California. We remain committed to building a clean, climate-resilient energy system to meet our customers' future needs at the lowest price for them," said PG&E Corporation CEO Patti Poppe.