UPDATE: RBC Capital Upgrades PG&E Corporation (PCG) to Outperform

August 16, 2021 3:47 AM EDT
Get Alerts PCG Hot Sheet
Price: $12.13 +1.85%

Rating Summary:
    15 Buy, 8 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 8 | Down: 40 | New: 22
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(Updated - August 16, 2021 4:39 AM EDT)

RBC Capital analyst Shelby Tucker upgraded PG&E Corporation (NYSE: PCG) from Sector Perform to Outperform with a price target of $14.00.

The analyst comments "While PCG remains a risky investment within a utility context due to ongoing concerns with wildfires, we think that the risk/reward is currently skewed to the upside. The Dixie fire is an overhang, but the construct of AB 1054, should PCG be found negligent in starting the fire, provides reasonable downside protection in our view. Moving beyond wildfire risk, we see strong rate base growth driven by the need to prepare California's electric grid for net zero carbon requirements. We are upgrading the stock to Outperform, but maintaining our $14 price target and Speculative Risk assessment."

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 $9.12 yesterday.

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