PG&E downgraded to Hold from Buy at Jefferies

Jefferies analyst Julien Dumoulin-Smith downgraded PG&E to Hold from Buy with a price target of $19, down from $20. The firm has less confidence into “constructive” wildfire liability reform for utilities in California. Utilities and insurers are not aligned based on Jefferies’ stakeholder conversations, and it is not clear if there is enough political support to push a structural change through, the analyst tells investors in a research note. With PG&E shares up 20% since the January lows. the stock is “increasingly a consensus, crowded long,” the analyst tells investors in a research note.