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PCG

PG&E

$8.12

0.9 (12.47%)

14:01
01/22/19
01/22
14:01
01/22/19
14:01

BlueMountain urges PG&E to delay plans to file for Chapter 11

PCG PG&E
$8.12

0.9 (12.47%)

01/18/19
RBCM
01/18/19
NO CHANGE
Target $8
RBCM
Sector Perform
PG&E price target lowered to $8 from $45 at RBC Capital
RBC Capital analyst Shelby Tucker lowered his price target on PG&E to $8 from $45 with a rating of "Sector Perform - Speculative Risk," saying the company's decision to file for voluntary bankruptcy is surprising. The analyst notes that the filing and the magnitude/complexity of claims related to the wildfire could drag the company's emergence from Chapter 11 "into extra innings." Given the potential for further wildfire liabilities and a less constructive regulatory environment, Tucker says the severely discounted valuation on PG&E stock of 2-times forward earnings is warranted.
01/17/19
LEHM
01/17/19
NO CHANGE
Target $7
LEHM
Equal Weight
PG&E price target lowered to $7 from $19 at Barclays
Barclays analyst Eric Beaumont cut his price target for PG&E shares to $7 from $19 to reflect the company's intention to file Chapter 11 and disclosure of preliminary wildfire liability estimates. The analyst continues to see "paths to significant upside and downside." He highlights the risk for Chapter 11 proceedings to last longer than five years given the size of liabilities, legal complexity of wildfire claims, and his belief that PG&E "will struggle to emerge in the absence of material reform to inverse condemnation policy." Beaumont reiterates an Equal Weight rating on the shares.
01/16/19
WELS
01/16/19
DOWNGRADE
Target $10
WELS
Market Perform
PG&E downgraded to Market Perform from Outperform at Wells Fargo
Wells Fargo analyst Neil Kalton downgraded PG&E to Market Perform and lowered his price target for the shares to $10 from $15. The company's Chapter 11 bankruptcy path, for which there has been little evidence of being averted, is likely to be "highly complex and lengthy," Kalton tells investors in a research note. The analyst, while believing there could be "meaningful" residual equity value at the end of a bankruptcy process, deems it prudent to move to the sidelines with respect to PG&E shares at this time.
01/15/19
01/15/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. PG&E (PCG) downgraded to Sell from Buy at Argus with analyst Jacob Kilstein citing the company's announcement that it will declare bankruptcy based on the potential for $30B in liability costs related to its role in California wildfire, the lack of financing, and the absence of the state government intervention. 2. SL Green Realty (SLG) downgraded to Neutral from Buy at Goldman Sachs with analyst Andrew Rosivach saying he believes the market will value at a lower multiple than real estate ownership. 3. Atlassian (TEAM) and Yext (YEXT) were downgraded to Underweight from Equal Weight at Morgan Stanley while Oracle (ORCL), VMware (VMW), and Autodesk (ADSK) were downgraded to Equal Weight from Overweight. 4. Brookfield Business Partners (BBU) downgraded to Sector Perform at RBC Capital. 5. Edison International (EIX) downgraded to Underperform from Neutral at BofA/Merrill with analyst Julien Dumoulin-Smith citing the challenging operating environment in California following the PG&E (PCG) Chapter 11 filing. 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

AMED

Amedisys

$123.24

-2.89 (-2.29%)

14:11
03/22/19
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14:11
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Conference/Events
Amedisys management to meet with Wiliam Blair »

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NEM

Newmont Mining

$34.57

0.25 (0.73%)

, GG

Goldcorp

$10.71

-0.46 (-4.12%)

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Periodicals
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NEM

Newmont Mining

$34.57

0.25 (0.73%)

GG

Goldcorp

$10.71

-0.46 (-4.12%)

GOLD

Barrick Gold

$13.48

0.2 (1.51%)

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AGO

Assured Guaranty

$45.19

-0.14 (-0.31%)

14:07
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Assured Guaranty management to meet with MKM Partners »

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QCOM

Qualcomm

$57.16

-0.6 (-1.04%)

14:00
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14:00
Options
Size spread in Qualcomm as shares slip »

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  • 01

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EVER

EverQuote

$7.80

-0.1 (-1.27%)

13:59
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03/22
13:59
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13:59
Conference/Events
EverQuote management to meet with Needham »

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  • 25

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RYTM

Rhythm Pharmaceuticals

$30.01

-0.64 (-2.09%)

13:59
03/22/19
03/22
13:59
03/22/19
13:59
Conference/Events
Rhythm Pharmaceuticals management to meet with Needham »

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  • 28

    Mar

TWOU

2U

$66.19

-2.92 (-4.23%)

13:57
03/22/19
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13:57
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13:57
Conference/Events
2U management to meet with Needham »

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  • 27

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GLW

Corning

$33.89

-0.91 (-2.61%)

13:55
03/22/19
03/22
13:55
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13:55
Options
Corning put volume heavy and directionally bearish »

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ATEC

Alphatec

$2.60

-0.12 (-4.41%)

13:52
03/22/19
03/22
13:52
03/22/19
13:52
Conference/Events
Alphatec management to meet with Lake Street »

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  • 27

    Mar

TLRA

Telaria

$6.16

-0.25 (-3.90%)

13:52
03/22/19
03/22
13:52
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13:52
Conference/Events
Telaria management to meet with Lake Street »

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  • 26

    Mar

SRDX

Surmodics

$42.26

-3.67 (-7.99%)

13:51
03/22/19
03/22
13:51
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13:51
Conference/Events
Surmodics management to meet with Lake Street »

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  • 26

    Mar

TPR

Tapestry

$31.23

-0.72 (-2.25%)

13:49
03/22/19
03/22
13:49
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13:49
Options
Tapestry option volume 4x normal as shares test multiyear lows »

Tapestry option volume 4x…

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IONS

Ionis Pharmaceuticals

$78.80

-1.73 (-2.15%)

, RHHBY

Roche

$0.00

(0.00%)

13:46
03/22/19
03/22
13:46
03/22/19
13:46
Recommendations
Ionis Pharmaceuticals, Roche analyst commentary  »

Ionis Pharmaceuticals…

IONS

Ionis Pharmaceuticals

$78.80

-1.73 (-2.15%)

RHHBY

Roche

$0.00

(0.00%)

03/08/13
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  • 01

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13:45
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13:45
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General news
Treasury Budget to be reported at 14:00 »

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SLCA

U.S. Silica

$15.90

-1.08 (-6.36%)

13:40
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6.3% drop in Silica motivates an upside call buyer »

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  • 28

    May

SHOP

Shopify

$201.50

-3.48 (-1.70%)

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Mailchimp asks to remove Shopify integration over new terms of service »

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IBM

IBM

$139.28

-2.09 (-1.48%)

13:35
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IBM put volume heavy and directionally bearish »

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  • 30

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PLCE

Children's Place

$86.53

-0.97 (-1.11%)

13:22
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13:22
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Conference/Events
Children's Place management to meet with Wolfe Research »

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  • 28

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SPLK

Splunk

$126.05

-6.43 (-4.85%)

13:20
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Odd opening print in Splunk expiring contracts »

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  • 16

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VSAT

ViaSat

$75.82

-1.15 (-1.49%)

13:18
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Conference/Events
ViaSat management to meet with B. Riley FBR »

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  • 28

    Mar

TDS

Telephone and Data

$31.39

-0.47 (-1.48%)

13:17
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13:17
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13:17
Conference/Events
Telephone and Data management to meet with B. Riley FBR »

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  • 27

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$NSD

NASDAQ Market Internals

$0.00

(0.00%)

13:17
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Technical Analysis
NASDAQ market internals summary »

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USM

U.S. Cellular

$46.51

-0.73 (-1.55%)

13:16
03/22/19
03/22
13:16
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Conference/Events
U.S. Cellular management to meet with B. Riley FBR »

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  • 27

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