Barclays analyst Eric Beaumont cut his price target for PG&E shares to $7 from $19 to reflect the company's intention to file Chapter 11 and disclosure of preliminary wildfire liability estimates. The analyst continues to see "paths to significant upside and downside." He highlights the risk for Chapter 11 proceedings to last longer than five years given the size of liabilities, legal complexity of wildfire claims, and his belief that PG&E "will struggle to emerge in the absence of material reform to inverse condemnation policy." Beaumont reiterates an Equal Weight rating on the shares.