Morgan Stanley analyst Stephen Byrd reiterated his previously stated view that it is unlikely PG&E shareholders will realize "anywhere close to 100% of both causation and negligence" for all 21 Northern California wildfires. He believes there is a very wide range of investor expectations for total damages that will be paid relating to the NorCal wildfires, from a low of $6B to as high as $15B. He also thinks investors overlook the potential for settlements of damage claims. Byrd, whose base case assumes a prospective change to inverse condemnation and that the company is only 70% responsible and 25% negligent across the fires, keeps an Overweight rating and $58 price target on PG&E shares.