After Bloomberg reported yesterday that California Governor Gavin Newsom is encouraging the state's legislature to adopt several of the Wildfire Commission's recommendations, including a liquidity fund seeded by at least $10B in Department of Water Resources bonds and $7.5B in utility equity contributions, Morgan Stanley analyst Stephen Byrd said he thinks the plan outlined in the report is only a "partial fix" and would not be satisfactory for large institutional equity investors, for whom some type of cap on future liability is critical. The analyst, who thinks long-term investors will likely require more steps than those outlined in the Bloomberg report before buying PG&E shares, keeps an Equal Weight rating on the stock.