PG&E downgraded to Neutral from Buy at UBS

UBS downgraded PG&E (PCG) to Neutral from Buy with a price target of $19, down from $22. The firm sees a lack of catalysts for the shares. UBS cites the potential depletion of the California wildfire insurance fund due to the Eaton fire, wildfire volatility, and the absence of a catalyst path to rerate the stock for the downgrade. UBS prefers shares of Buy-rated Edison International (EIX) to PG&E.