Citi analyst Praful Mehta upgraded PG&E to Neutral from Sell after the company won approval for both its settlements as Judge Montali ruled in favor of both RSAs and didn't reject the anti-competitive clauses. The decision means PG&E's "fatal blow to the bondholder plan is confirmed," according to Mehta, who said the questions will now shift to be primarily about financing and the related CPUC and governor approvals. He believes limited debt capacity will increase dilution and likely limit upside, Mehta added. With the "extreme downside scenario" now eliminated, Mehta set an $11 price target on PG&E shares.

Barclays raised the firm's price target on PG&E to $20 from $19 and keeps an Overweight rating on the shares as part of a Q1 preview for the utilities group. The analyst expects weaker quarter results for the sector due to "underwhelming" weather to start the year. However, the firm does not see many companies trending lower in the fiscal 2024 earnings range.