PG&E Stock: Strong Safety Measures and Credit Upgrade Anticipation Drive Buy Rating

Mizuho Securities analyst Anthony Crowdell has maintained their bullish stance on PCG stock, giving a Buy rating on November 11.

Anthony Crowdell’s rating is based on several compelling factors that highlight the potential for PG&E’s stock. One significant consideration is the company’s robust physical and financial measures against wildfires, which have proven effective during one of the busiest wildfire seasons. Despite numerous incidents, there were no ignitions from utility equipment, showcasing the effectiveness of PG&E’s safety protocols, including the deployment of AI cameras.
Another factor contributing to the Buy rating is the anticipation of a credit upgrade to Investment Grade, expected to occur in the first quarter. This upgrade is likely to align PG&E’s stock performance more closely with the utility sector. Additionally, there’s optimism surrounding regulatory support for infrastructure improvements and the potential for dividend policy clarity, both of which could enhance investor confidence and address the stock’s current P/E discount.

In another report released on November 11, RBC Capital also maintained a Buy rating on the stock with a $24.00 price target.

PCG’s price has also changed moderately for the past six months – from $18.650 to $21.100, which is a 13.14% increase.

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PG&E (PCG) Company Description:

Incorporated in 1905, California-based Pacific Gas & Electric Corporation provides natural gas and electricity to customers in northern and central California. It generates electricity using nuclear, hydroelectric, fossil fuel-fired, fuel cell, and photovoltaic sources.