UBS Reiterates Neutral Rating on PG&E Corporation (PCG) Following CPUC Decision

UBS analyst Gregg Orrill reiterated a Neutral rating and $19.00 price target on PG&E Corporation (NYSE: PCG).

The analyst commented, "The California Public Utility Commission increased the company's capital cost caps for implementing energization spending by less than in the proposed decision but it is still an increase of $1.47 bln versus the levels previously authorized in a proceeding that followed 2023 legislation (SB 410). None of the potential capital increases are in the plan, but we expect an increase in duration or a re-prioritization could occur. We do not expect the increase to result in an incremental equity need.
We await further guidance from the company and updates on possible wildfire and ratebase securitization (SB 254) legislation near-term. The legislative session ends September 12 and bills must remain unchanged for 72 hours before passing which implies a September 8 deadline for proposed legislation."

For an analyst ratings summary and ratings history on PG&E Corporation click here. For more ratings news on PG&E Corporation click here.

Shares of PG&E Corporation closed at $14.99 yesterday.

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