UBS Moves PG&E to Buy, Cites Potential California Wildfire Policy Shifts and Improved Financials
UBS upgraded PG&E Corp. from Neutral to Buy and raised its price target to $23 from $20. The bank highlighted expected changes to California wildfire policy that could curb utilities' liability exposure, an improved financial position at PG&E, and a projected acceleration in earnings growth as the main drivers behind the rating change.