After Cal Fire issued a press release yesterday detailing its findings that the Cascade fire was started by sagging PG&E power lines, but noted that it found no evidence of any violations by the utility, Morgan Stanley analyst Stephen Byrd said he believes the estimated $400M-$450M of associated costs should be recoverable from utility customers and should not impact shareholders. Noting that the incident report filed by PG&E for the Cascade fire shares similarities with the Tubbs fire incident report, Byrd added that he views the Cal Fire report having a potentially positive read-across to the Tubbs fire, which was the largest in the 2017 NorCal fires and the last investigation remaining. Byrd keeps an Overweight rating and $66 price target on PG&E shares.

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.