Truist cuts PG&E to 'hold' on California wildfire reform uncertainty
PCG•Truist downgrades PG&E on 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.
The brokerage says stalled California wildfire liability reform efforts have reduced confidence in the utility's path forward.
It says PG&E's strategic review could leave key questions unresolved into 2027 and test investor patience.
Truist expects seasonal wildfire risks and limited post-2028 visibility to weigh on investor interest.
The brokerage says prospects for a legislative special session remain uncertain, with a range of outcomes possible even if lawmakers revisit reforms.
Nine of 18 brokerages rate the stock "buy" and nine "hold"; the median price target is $21, according to LSEG data.
At the last close, PCG was down 17% year to date.
