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PCG

PG&E

$15.43

1.08 (7.53%)

05:55
02/13/19
02/13
05:55
02/13/19
05:55

PG&E shares should not be driven by possible FERC contract ruling, says Mizuho

Speculation about a possible court ruling on whether the Federal Energy Regulatory Commission has the authority to block the rejection of contracts under the filed rate doctrine principal should not be a driver in the value of PG&E shares, Mizuho analyst Paul Fremont tells investors in a research note titled "50 Ways to Leave Your Lover." The analyst believes the rejection of purchase power agreements contracts would not add anything to the long-term equity value of PG&E when it emerges from bankruptcy. However, potential savings, which would likely be significant, could provide leverage in negotiations with California State politicians and regulators prior to exiting bankruptcy, adds Fremont. He attributes the stock's current value to the market anticipating a ruling by the bankruptcy court in the next month on whether FERC has the authority to interfere with PG&E's right to reject contracts under the filed rate doctrine principal. The analyst keeps a Neutral rating on PG&E with a $15 price target.

PCG PG&E
$15.43

1.08 (7.53%)

01/25/19
RBCM
01/25/19
NO CHANGE
Target $16
RBCM
Sector Perform
PG&E price target raised to $16 from $8 at RBC Capital
RBC Capital analyst Shelby Tucker raised his price target on PG&E to $16 after the CAL FIRE determination that its equipment was not responsible for the Tubbs Fire that resulted in $8B in economic losses. The analyst notes that the company's intent toward bankruptcy will be questioned, but also sees the ruling as supportive of its "quest to repeal condemnation for investor-owned utilities in California". Tucker keeps his Sector Perform rating on PG&E given the continued uncertainty surrounding its potential liabilities in the 2017 and 2018 wildfires.
01/25/19
JPMS
01/25/19
NO CHANGE
Target $11
JPMS
Neutral
PG&E still faces $28B in liabilities despite positive report, says JPMorgan
JPMorgan analyst Christopher Turnure says yesterday's report from the California Department of Forestry and Fire Protection is a "clear positive" for PG&E. With the report finding that PG&E wires were not the source of ignition for Tubbs Fire, the analyst now assumes the company is largely absolved of an estimated $7B of liabilities. Despite this favorable finding, PG&E continues to face roughly $28B of gross fire liabilities, Turnure tells investors in a research note. The primary challenges are that potential liabilities continue to exceed the financing capacity of the company, adds the analyst. He believes PG&E will face years of litigation stemming from the 2017-2018 wildfires absent its potential bankruptcy filing. Turnure raised his price target for the shares to $11 from $10 and keeps a Neutral rating on PG&E. The stock closed yesterday up 74%, or $5.92, to $13.95.
01/28/19
WOLF
01/28/19
UPGRADE
Target $29
WOLF
Outperform
PG&E upgraded to Outperform from Peer Perform at Wolfe Research
Wolfe Research analyst Steven Fleishman upgraded PG&E to Outperform from Peer Perform while acknowledging that the company will likely file bankruptcy tomorrow, stating that he views bankruptcy "as a path to maximize equity value, not eliminate it." He sees bankruptcy providing a fairer forum to resolve claims in federal courts, a quicker path to challenge inverse condemnation rules and a cleaner path for asset sales, Fleishman tells investors. He maintains a $29 price target on PG&E shares, adding that he believes much of the negatives of bankruptcy have already been priced into the stock.
02/11/19
02/11/19
DOWNGRADE
Target $65

Market Perform
Edison International downgraded to Market Perform at Wells Fargo
As previously reported, Wells Fargo analyst Neil Kalton downgraded Edison International (EIX) to Market Perform from Outperform to reflect his increasing pessimism that there would be meaningful change to California's inverse condemnation law in the near-term. As a result, investors could remain exposed to substantial tail risk in the event the company's infrastructure is implicated in a catastrophic wildfire, he contends. Positively, Kalton continues to believe PG&E's (PCG) bankruptcy filing could be the catalyst that prompts substantive change to IC. The analyst also trimmed his price target on Edison International's shares to $65 from $66.

TODAY'S FREE FLY STORIES

STMP

Stamps.com

$198.08

-4.03 (-1.99%)

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JWN

Nordstrom

$44.47

-0.54 (-1.20%)

07:44
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Nordstrom rating change  »

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TER

Teradyne

$41.10

-0.05 (-0.12%)

07:44
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Teradyne rating change  »

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ATNI

ATN International

$59.50

-15.62 (-20.79%)

07:44
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07:44
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AAOI

Applied Optoelectronics

$14.62

(0.00%)

07:42
02/22/19
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07:42
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Applied Optoelectronics rating change  »

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UCTT

Ultra Clean

$12.59

-0.26 (-2.02%)

07:42
02/22/19
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07:42
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Ultra Clean rating change  »

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CBM

Cambrex

$40.21

1.935 (5.06%)

, GILD

Gilead

$65.55

-1.43 (-2.14%)

07:41
02/22/19
02/22
07:41
02/22/19
07:41
Downgrade
Cambrex, Gilead rating change  »

Jefferies downgrades…

CBM

Cambrex

$40.21

1.935 (5.06%)

GILD

Gilead

$65.55

-1.43 (-2.14%)

03/08/13
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  • 18

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CHRA

Charah Solutions

$6.80

0.005 (0.07%)

07:38
02/22/19
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07:38
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Charah Solutions rating change  »

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CONE

CyrusOne

07:38
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07:38
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07:38
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CyrusOne rating change  »

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ARAY

Accuray

$5.26

0.09 (1.74%)

07:38
02/22/19
02/22
07:38
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07:38
Hot Stocks
Accuray reports results from SBRT trial »

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C

Citi

$64.31

-0.35 (-0.54%)

07:36
02/22/19
02/22
07:36
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07:36
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Citi rating change  »

Jefferies sees positive…

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BCLI

BrainStorm

$3.88

0.01 (0.26%)

07:35
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02/22
07:35
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07:35
Hot Stocks
BrainStorm announces first U.S.clinical site for Phase 2 MS study »

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WPC

W.P. Carey

$74.39

0.25 (0.34%)

07:35
02/22/19
02/22
07:35
02/22/19
07:35
Earnings
Breaking Earnings news story on W.P. Carey »

W.P. Carey sees FY19 AFFO…

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  • 22

    Feb

KEYS

Keysight Technologies

$81.74

0.67 (0.83%)

07:35
02/22/19
02/22
07:35
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07:35
Recommendations
Keysight Technologies analyst commentary  »

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  • 25

    Feb

WFT

Weatherford

$0.78

-0.0436 (-5.32%)

, KR

Kroger

$28.55

-0.2 (-0.70%)

07:35
02/22/19
02/22
07:35
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07:35
Options
Unusual call flow in option market yesterday »

Notable call activity was…

WFT

Weatherford

$0.78

-0.0436 (-5.32%)

KR

Kroger

$28.55

-0.2 (-0.70%)

I

Intelsat

$24.59

0.5 (2.08%)

BSX

Boston Scientific

$40.12

-0.01 (-0.02%)

OAS

Oasis Petroleum

$6.07

-0.28 (-4.41%)

MNST

Monster Beverage

$58.87

0.16 (0.27%)

LKQ

LKQ Corp.

$27.33

0.36 (1.33%)

DK

Delek US

$36.18

-0.8953 (-2.41%)

AGI

Alamos Gold

$4.82

-0.055 (-1.13%)

APEI

American Public Education

$32.93

0.88 (2.75%)

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07:35
02/22/19
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07:35
General news
Treasury Market Outlook: yields are lower in the U.S. and Europe »

Treasury Market Outlook:…

WPC

W.P. Carey

$74.39

0.25 (0.34%)

07:34
02/22/19
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07:34
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07:34
Earnings
W.P. Carey reports Q4 AFFO $1.33, consensus $1.33 »

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  • 22

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BXG

Bluegreen Vacations

$13.92

-0.12 (-0.85%)

07:34
02/22/19
02/22
07:34
02/22/19
07:34
Earnings
Bluegreen Vacations reports Q4 EPS 27c, consensus 24c »

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  • 22

    Feb

TEF

Telefonica

$8.85

0.12 (1.37%)

07:33
02/22/19
02/22
07:33
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07:33
Hot Stocks
EU says Telefonica breached commitment in E-Plus acquisition »

The European Commission…

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  • 25

    Feb

CONE

CyrusOne

$52.44

-4.75 (-8.31%)

07:33
02/22/19
02/22
07:33
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07:33
Recommendations
CyrusOne analyst commentary  »

CyrusOne price target…

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  • 11

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BIIB

Biogen

$320.99

-14.02 (-4.18%)

07:33
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07:33
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Biogen rating change  »

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INSM

Insmed

$25.57

-0.42 (-1.62%)

07:33
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07:33
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07:33
Hot Stocks
Insmed sees FY19 ARIKAYCE revenues $80M-$90M »

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  • 22

    Feb

OPNT

Opiant Pharmaceuticals

$14.65

-0.25 (-1.68%)

07:32
02/22/19
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07:32
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Opiant Pharmaceuticals analyst commentary  »

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REGN

Regeneron

$418.66

-3.9 (-0.92%)

07:32
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Regeneron rating change  »

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INSM

Insmed

$25.57

-0.42 (-1.62%)

07:31
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07:31
Earnings
Insmed reports Q4 EPS ($1.19), consensus ($1.06) »

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