Deutsche Bank Downgrades PG&E Corporation (PCG) to Hold; BK the Path of Least Resistance

January 14, 2019 12:22 PM EST
Get Alerts PCG Hot Sheet
Price: $12.03 +1.01%

Rating Summary:
    15 Buy, 8 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 7 | Down: 36 | New: 22
Join SI Premium – FREE

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."

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 $17.59 yesterday.

Serious News for Serious Traders! Try Premium Free!

You May Also Be Interested In

Related Categories

Analyst Comments, Downgrades, Hot Downgrades, Trader Talk

Related Entities

Deutsche Bank