PG&E initiated with an Overweight at Wells Fargo

Wells Fargo initiated coverage of PG&E with an Overweight rating and $23 price target The firm says PG&E is one of its “deepest value regulated buys.” Despite California regulatory and wildfire liability risks, the company “has done all the right things in 2025,” the analyst tells investors in a research note. Wells sees less headline risk for PG&E relative to Edison International (EIX).