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Fly News Breaks for January 2, 2018
PCG
Jan 2, 2018 | 05:12 EDT
Goldman Sachs analyst Michael Lapides downgraded PG&E to Neutral and cut his price target for the shares to $50 from $60. Resolution of claims from the California wildfires, if inverse condemnation is applied, could take years and "cash flow/balance sheet impacts could prove significant still," Lapides tells investors in a research note. He believes financing risks remain and lowered his earnings estimates for 2018 through 2020 well below consensus.
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