UBS upgraded PG&E to Buy from Neutral with a price target of $23, up from $20. The firm believes improvements in California wildfire policy and affordability should drive upside in the shares. Phase two legislation ahead of the July 2 recess could reduce PG&E’s utility liability, the analyst tells investors in a research note. UBS expects the stock’s 43% price-to-earnings discount to narrow “meaningfully” with continued risk reduction.
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