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PCG

PG&E

$19.07

-6.59 (-25.68%)

13:32
11/15/18
11/15
13:32
11/15/18
13:32

PG&E recent weakness overdone, bankruptcy fears overstated, says BofA/Merrill

BofA Merrill Lynch analyst Julien Dumoulin-Smith said he views the recent weakness in PG&E shares as overdone. Based on his latest talks with legislative stakeholders, the analyst thinks "clean up" legislation could be introduced as soon as December 3, whereby text could potentially expand SB 901 to offer both securitization levers and applicability of the customer threshold filing to the 2018 fires, Dumoulin-Smith tells investors. He believes concerns about a potential bankruptcy filing are overstated, contending that "even municipalization or break-up arguments supportive of valuation at current levels." He lowered his price target on PG&E shares to $50 from $63, but reiterates a Buy rating on the stock, noting that he estimate about a $6 per share impact to his valuation from the Camp Fire assuming a pre-tax $10B liability in his valuation base case.

PCG PG&E
$19.07

-6.59 (-25.68%)

11/15/18
MZHO
11/15/18
NO CHANGE
Target $27
MZHO
Neutral
PG&E worried about access to capital markets, says Mizuho
PG&E's announcement to draw down the full amount of its bank credit facilities signals that the company is worried about its access to capital markets, Mizuho analyst Paul Fremont tells investors in a research note. The analyst estimates PG&E's potential after-tax liability exposure associated with the Camp Fire is $13B. He maintains a Neutral rating on the shares and dropped his price target to $27.
11/15/18
MSCO
11/15/18
DOWNGRADE
MSCO
Equal Weight
PG&E downgraded to Equal Weight from Overweight at Morgan Stanley
11/15/18
11/15/18
DOWNGRADE
Target $31

Equal Weight
Morgan Stanley cuts PG&E to Equal Weight amid 'unprecedented' fire uncertainty
As previously reported, Morgan Stanley analyst Stephen Byrd downgraded PG&E to Equal Weight from Overweight as he sees an "unprecedented" level of uncertainty given that there is currently no liability cap that would be applied to 2018 wildfires. He notes that changes to the criteria for CPUC evaluation do not go into effect until 2019 and that there is no clear path to new legislation in the near-term. Byrd also points out that a recently-passed bill included language that requires the CPUC to consider the utility's financial status when assigning costs to shareholders for wildfires, but investors worry that the cap may not cover the damages from the Camp Fire. While he thinks it would apply, Byrd said clarity on this cap may not come until 6-9 months from now. The analyst, who also cites the potential for additional fires this year, lowered his price target on PG&E shares to $31 from $67.
11/15/18
11/15/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Blue Apron (APRN) downgraded to Neutral from Buy at Guggenheim with analyst Michael Graham saying the company's net loss of 71K customers was higher than anticipated even though EBITDA came in higher than expected. 2. Horizon Pharma (HZNP) downgraded to Neutral from Buy at Mizuho with analyst Irina Koffler saying after she spoke with management about planned investments in teprotumumab pre-launch and the Mirror trial, she reduced her 2019 forecasts for Krystexxa and Actimmune to below consensus. 3. Cabot Oil & Gas (COG) downgraded to Hold from Buy at Tudor Pickering. 4. Hawaiian Electric (HE) downgraded to Underperform from Neutral at BofA/Merrill with analyst Julien Dumoulin-Smith citing strong relative share performance on investor activism. 5. PG&E (PCG) downgraded to Equal Weight from Overweight at Morgan Stanley with analyst Stephen Byrd saying he sees an "unprecedented" level of uncertainty given that there is currently no liability cap that would be applied to 2018 wildfires. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

TODAY'S FREE FLY STORIES

KFS

Kingsway Financial

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-0.14 (-5.74%)

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AWK

American Water

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2.32 (2.27%)

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FSNN

Fusion

$0.24

0.0048 (2.01%)

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PSA

Public Storage

$217.43

0.81 (0.37%)

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V

Visa

$160.14

-0.33 (-0.21%)

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NAVB

Navidea

$0.17

0.0001 (0.06%)

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TISA

Top Image Systems

$0.84

-0.0069 (-0.81%)

19:37
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Top Image sees voluntarily delisting to be complete before Nasdaq deadline »

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FCPT

Four Corners Property Trust

$28.17

0.49 (1.77%)

19:33
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PRK

Park National

$93.98

-2.72 (-2.81%)

19:32
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Earnings
Park National reports Q1 EPS $1.62, two estimates $1.61 »

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  • 22

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STNE

StoneCo

$26.50

-8.25 (-23.74%)

19:29
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StoneCo says latest incentive offers from competitors don't change strategy »

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  • 11

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GPIC

Gaming Partners

$13.09

(0.00%)

19:24
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Gaming Partners sees acquisition by Angel closing on May 1 »

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SCHW

Charles Schwab

$45.57

-0.53 (-1.15%)

17:04
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17:04
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Conference/Events
Charles Schwab to hold a webcast »

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  • 26

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12:45
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General news
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MMNFF

MedMen

$0.00

(0.00%)

11:13
04/19/19
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Hot Stocks
MedMen announces resignations of COO and General Counsel »

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TKC

Turkcell

$5.49

-0.175 (-3.09%)

11:08
04/19/19
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Hot Stocks
Turkcell sees conclusion of $4.2B lawsuit against MTN this year »

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FCCY

1st Constitution Bancorp

$18.07

-0.14 (-0.77%)

11:05
04/19/19
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Earnings
1st Constitution Bancorp reports Q1 EPS 39c, two estimates 36c »

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QUMU

Qumu

$2.83

-0.035 (-1.22%)

11:03
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FAT

Fat Brands

$5.15

0.065 (1.28%)

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HRTG

Heritage Insurance

$14.32

0.25 (1.78%)

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COTY

Coty

$11.27

0.02 (0.18%)

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NTES

NetEase

$265.88

-2.34 (-0.87%)

10:45
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09:10
04/19/19
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General news
Today's U.S. housing report revealed March declines »

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General news
U.S. housing starts fell 0.3% to 1.139 M in March »

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08:15
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General news
Housing Starts to be reported at 08:30 »

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General news
Housing Starts Permits to be reported at 08:30 »

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