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Fly News Breaks for January 18, 2019
PCG
Jan 18, 2019 | 08:21 EDT
RBC Capital analyst Shelby Tucker lowered his price target on PG&E to $8 from $45 with a rating of "Sector Perform - Speculative Risk," saying the company's decision to file for voluntary bankruptcy is surprising. The analyst notes that the filing and the magnitude/complexity of claims related to the wildfire could drag the company's emergence from Chapter 11 "into extra innings." Given the potential for further wildfire liabilities and a less constructive regulatory environment, Tucker says the severely discounted valuation on PG&E stock of 2-times forward earnings is warranted.
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