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PCG

PG&E

$52.64

-0.42 (-0.79%)

11:20
12/07/17
12/07
11:20
12/07/17
11:20

Vote of confidence in PG&E as shares slump

Vote of confidence in PG&E as shares slump. The stock down 56c to $52.50 and 9.9K Jan 50 puts trade at 70c when bid-ask was 70 to 90c. The six-week put write opens a block struck 5% below spot and does not capture earnings, due mid-Feb. The interest today comes after a two-month 24% dive in the underlying, as the stock faced heavy selling in early-October due to concerns about the impact of wildfires in Northern California.

PCG PG&E
$52.64

-0.42 (-0.79%)

10/16/17
WELS
10/16/17
NO CHANGE
Target $67
WELS
Outperform
PG&E price target lowered to $67 from $79 at Wells Fargo
Wells Fargo analyst Neil Kalton lowered his price target for PG&E to $67 from $79 to reflect substantial uncertainty related to potential liabilities from the ongoing Northern California wildfires. While it remains unclear whether PG&E's infrastructure in any way caused some of the fires, the analyst believes it is prudent for investors to assess a meaningful probability to causality. He reiterates an Outperform rating on the shares.
10/16/17
MSCO
10/16/17
NO CHANGE
MSCO
Overweight
PG&E shares may have overreacted to California fire risk, says Morgan Stanley
Morgan Stanley analyst Stephen Byrd believes PG&E shares have likely overreacted to the potential damages from the California wildfires, noting that the stock reflects about $5.6B in fire-related damage but that is greater than is likely to be incurred by its shareholders. However, he also believes fire-related liability worries will continue to be a significant overhang on the stock as it will take many months for an investigation to be completed and that probe has not yet begun. Byrd maintains an Overweight rating on PG&E shares.
12/01/17
MZHO
12/01/17
DOWNGRADE
MZHO
Neutral
PG&E downgraded to Neutral from Buy at Mizuho
12/06/17
DBAB
12/06/17
NO CHANGE
Target $78
DBAB
Hold
Edison International price target lowered to $78 from $82 at Deutsche Bank
Deutsche Bank analyst Jonathan Arnold lowered his price target for Edison International (EIX) to $78 saying the uncontrolled wildfires in the Southern California Edison service territory bring another overhang on the shares. While these fires are much smaller than the October fires in PG&E (PCG) territory, a quick rebound in Edison shares is unlikely, Arnold tells investors in a research note. He keeps a Hold rating on Edison International shares.

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