Lone PG&E Bull Refuses to Ditch ‘Buy’ Rating Even After 80% Wipeout
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PG&E said it’s heading toward bankruptcy on wildfire costs
- Utility’s shares have plummeted since early November
If you liked PG&E Corp. at $47 a share in early November, you’ll love it at six bucks now.
That, in a nutshell, is what the troubled utility’s last remaining bullish analyst is telling investors after reiterating his “buy” rating on the shares.
On Tuesday, Morningstar’s Travis Miller said in a note that PG&E, which is on the brink of bankruptcy after losing over 80 percent of its market value since early November, offers a substantial return for those who are “willing to hold through several years of uncertainty.” His new price target for PG&E is $11 a share, which implies a 59 percent gain from Tuesday’s price of $6.91. (His rating of four out of five stars on Morningstar’s rating scale is equal to a “buy,” according to Bloomberg.)…
Lone PG&E Bull Refuses to Ditch ‘Buy’ Rating Even After 80% Wipeout
