Guggenheim analyst Shahriar Pourreza noted that Cal Fire's second report found that PG&E's equipment was responsible for multiple fires in Northern California during the October 2017 wildfires, which means that the utility has been found to allegedly violate state law in eleven of sixteen fires thus far. Given the findings, the analyst questions whether the matter of "inverse condemnation" is even an issue at this point. "All signs seem to point" to PG&E "being imprudent operators in the majority of instances," meaning it should assume liability, said Pourreza. He maintains a Sell rating on PG&E shares, calling for potentially further downside, especially when the Tubbs investigation is released.

Barclays raised the firm's price target on PG&E to $21 from $20 and keeps an Overweight rating on the shares. The shares "look cheap" into the analyst day with the company's financing plan now behind us, the analyst tells investors in a research note.

"Our focus on safety and reducing wildfire risk continues every day as we deliver for our customers and our hometowns here in California. We remain committed to building a clean, climate-resilient energy system to meet our customers' future needs at the lowest price for them," said PG&E Corporation CEO Patti Poppe.