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PCG

PG&E

$32.70

(0.00%)

09:40
11/14/18
11/14
09:40
11/14/18
09:40

PG&E could face $15B or more in damages from wildfires, says Citi

PG&E last night in a regulatory filing said it has drawn its entire $3.3B credit revolver, Citi analyst Praful Mehta tells investors in a research note. The analyst thinks the primary driver of the draw could be concern around a downgrade to a non-investment grade credit rating and the liquidity requirements as a result of such an action. Given the level of structural damages and the loss of 48 lives in the California wildfires, PG&E's damage could be $15B or higher, Mehta contends. The analyst believes PG&E's incident report from November 8 increases the probability that the company's equipment were a potential cause of the fire. Mehta has a Neutral rating on PG&E with a $48 price target. The stock in early trading is down 13%, or $4.28, to $28.44.

PCG PG&E
$32.70

(0.00%)

11/09/18
SBSH
11/09/18
NO CHANGE
Target $48
SBSH
Neutral
PG&E exposure to California fires uncertain, says Citi
Citi analyst Praful Mehta kept his Neutral rating and $48 price target on PG&E, saying today's 16% decline in the stock price may be an "over-reaction" but also cautions that investors are dealing with "Risk of the Unknown". The analyst notes that the "structures damaged" is his best gauge for the extent of dollar damage, stating that the current reports suggest that the damages may be higher than the $15B estimated under the 2017 wildfires. The analyst adds that the SB-901 legislation doesn't cover the 2018 fires as its cost cap is only applicable for the 2017 fire, putting PG&E into legislative uncertainty on whether it would be expanded to cover the 2018 fires as well.
11/12/18
MSCO
11/12/18
NO CHANGE
MSCO
Morgan Stanley estimates $2B-$4B in insured losses from Camp Fire
Morgan Stanley analysts Kai Pan and Stephen Byrd estimate $2B-$4B in insured losses from the Camp Fire, adding that total economic losses will be higher but insurance penetration is very high as fire losses are covered under standard homeowners polices. Given the incident report issued by PG&E (PCG) and other reports, the focus currently appears to be on PG&E equipment, the analysts added. In a bearish case, damage from the Camp Fire spreads and PG&E shareholders are fully liable for all damages, fully liable for 2017 wildfires, and there is a permanent 30% discount to peers, in which case Pan and Byrd believe PG&E stock would be valued at $37 per share. In a "moderate" case, they assign a 75% probability of full shareholder liability for Camp Fire damages, damages grow by 25% from the current level, and the stock trades at a permanent 15% discount to peers, in which case they believe PG&E would be valued at $59 per share. Pan and Byrd believe PG&E shares now reflect $17B for 2017-18 fires plus a permanent 25% discount to peers. In terms of Edison International (EIX), the analyst sees $5B for 2017-18 fires plus a permanent 20% discount to peers being reflected in the stock. In the bearish case, they see Edison being valued at $57 per share and in the moderate case they see it valued at $70 per share.
11/13/18
EDJN
11/13/18
DOWNGRADE
EDJN
Sell
PG&E downgraded to Sell from Hold at Edward Jones
Edward Jones analyst Andrew Smith downgraded PG&E to Sell from Hold.
11/14/18
WOLF
11/14/18
NO CHANGE
Target $40
WOLF
Peer Perform
PG&E price target lowered to $40 from $50 at Wolfe Research

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