As previously reported, Citi analyst Praful Mehta double downgraded PG&E, to Sell from Buy, after a U.S. Bankruptcy Court judge in San Francisco allowed PG&E to hold on to sole rights to construct a chapter 11 exit plan but also allowed the Tubbs fire to be tried in jury trial in California state court. The Tubbs fire, which could an incremental $15B in total liabilities for PG&E, is "too big" and a jury trial is "too risky," said Mehta, who slashed his price target on PG&E shares to $4 from $33, stating that the difference in target is due to now incorporating $15B of Tubbs wildfire liabilities in his estimates.

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.