Mizuho analyst Paul Fremont upgraded PG&E to Buy from Neutral with a price target of $22, up from $21. The analyst says he's getting "fired up" about PG&E as the California legislation AB-1054 June 30, 2020 deadline approaches. The potential cost to California, creditors including wildfire victims, and the company associated with not emerging by this deadline is "catastrophic," Fremont tells investors in a research note titled "The Stars Are Aligned To Emerge From Bankruptcy." As such, the analyst believes that the parties involved "will do whatever it takes to approve a viable reorganization plan as quickly as possible." His upgrade to Buy reflects an increased likelihood that PG&E will emerge from bankruptcy.

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.