Deutsche Bank Downgrades PG&E Corporation (PCG) to Hold; BK the Path of Least Resistance
- Wall St set for weekly gains on signs of cooling inflation
- 'Back in Tech': Investors are Increasing Exposure to Tech and Growth Stocks - BofA
- Rivian Reports Bigger Loss, Says Current Models Won't Qualify for Tax Breaks
- US-listed China Stocks Slip on Delisting Moves, Analyst Sees Short-term Noise
- Salesforce (CRM), Snowflake (SNOW) Rated New Sell at Guggenheim, Oracle (ORCL) at Buy
Get instant alerts when news breaks on your stocks. Claim your 1-week free trial to StreetInsider Premium here.
Deutsche Bank analyst Jonathan Arnold downgraded PG&E Corporation (NYSE: PCG) from Buy to Hold with a price target of $10.00. The firm is raising the probability of a bankruptcy filing to 100% in their valuation framework.
Arnold commented, "After talking with newly appointed Interim CEO John Simon and CFO Jason Wells earlier and - more importantly - seeing the initial press release from Governor Newsom's office, we no longer view as likely a last-ditch political effort to stave off the planned bankruptcy. As the governor's release states, he has been closely involved over the past week and intends to work on a solution with the legislature and all stakeholders "throughout the months ahead". This effectively rules out the possibility for a last-ditch political intervention, something we had still seen as possible last night after the news broke of CEO Williams' departure."
Shares of PG&E Corporation closed at $17.59 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Morgan Stanley Downgrades Korea Electric Power Corp. (015760:KS) (KEP) to Equalweight
- UPDATE: JPMorgan Downgrades Plexus (PLXS) to Underweight
- UPDATE: Cowen Downgrades The RealReal Inc. (REAL) to Market Perform
Create E-mail Alert Related CategoriesAnalyst Comments, Downgrades, Hot Downgrades, Trader Talk
Related EntitiesDeutsche Bank
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!