PG&E price target lowered to $20 from $22 at Jefferies

Jefferies lowered the firm’s price target on PG&E to $20 from $22 and keeps a Buy rating on the shares. PG&E remains the firm’s preferred California utility with a better risk/reward, lower financial wildfire risk prospectively, a 9% premium EPS CAGR through 2030, EPS guidance conservatism, no equity needs and messaging on buybacks, and a price/equity discount to peers, the analyst tells investors in a research note. The firm added the the path for positive legislative is not clear and may not be a panacea but reasonable outlook otherwise.