UBS upgraded Edison International (EIX) to Buy from Neutral with a price target of $65, down from $69. California’s $21B wildfire fund is large enough to cover the Eaton fire, so the primary concern is the impact of future potential fires, the analyst tells investors in a research note. UBS says the maximum $3.9B liability for repayment to the fund is priced into the stock, adding that the calendar of events should soon turn positive to help rerate the stock.
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