Morgan Stanley analyst Stephen Byrd noted that a draft bill passed by California's Senate Governmental Organization Committee days ago would effectively allow Utilities to recover wildfire-related costs to the extent that they substantially comply with an agreed upon fire risk mitigation plan, which he views as encouraging. The next legal matters he is watching are today's Butte litigation rehearing request at California's Superior Court and the "very important" upcoming hearing on the North Bay fires and Inverse Condemnation, Byrd tells investors. He keeps an Overweight rating on PG&E (PCG) but also sees upside in Edison International (EIX), on which he has an Equal Weight rating.