Truist cuts PG&E to 'hold' on California wildfire reform uncertainty
03/09/2026 13:29
BUZZ-Truist cuts PG&E to 'hold' on California wildfire reform uncertainty ** Brokerage Truist Securities downgrades PG&E Corp PCG.N to "hold" from "buy" and cuts its price target to $17 from $21
** Brokerage says stalled California wildfire liability reform efforts have reduced confidence in the utility's path forward
** Says PG&E's strategic review could leave key questions unresolved into 2027 and test investor patience
** Expects seasonal wildfire risks and limited post-2028 visibility to weigh on investor interest
** Says prospects for a legislative special session remain uncertain, with a range of outcomes possible even if lawmakers revisit reforms
** 9 of 18 brokerages rate the stock "buy", 9 "hold"; median PT is $21 - LSEG data
** At last close, PCG down 17% YTD
(Reporting by Varun Sahay in Bengaluru)