Morgan Stanley analyst Stephen Byrd said the outline of wildfire-related legislation released by the California Wildfire Conference Committee on this past Friday was "constructive" for California utilities PG&E (PCG) and Edison International (EIX). He believes the proposed legislation, if passed, could help address the very high level of concern that investors have with wildfire risk in California and could lead investors to view the utilities as being investable. Byrd maintains an Overweight rating on PG&E and an Equal Weight rating on Edison International.

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.