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Fly News Breaks for September 16, 2019
PCG
Sep 16, 2019 | 05:44 EDT
Citi analyst Praful Mehta upgraded PG&E to Neutral from Sell and raised his price target for the shares to $12 from $4 after the company settled all subrogation claims for the 2017/2018 fires for $11B. The settlement includes Tubbs and is for 100% of the claims even though only 85% have agreed as of now, Mehta tells investors in a research note. The remaining 15% are expected to agree with this settlement and now have limited leverage, adds the analyst. He calls the settlement a "game changer" and notes the original ask from the subrogation claimholders was in the $20B range.
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