With multiple significant wildfires burning in the Los Angeles area, near Edison International (EIX) service territory, Morgan Stanley notes that so far the most damaging fire, the Palisades Fire, does not appear to involve Edison equipment. However, the firm would watch for any reports from Edison indicating equipment involvement with other fires as several appear to have ignited near utility facilities. The firm maintains an Underweight rating and $71 price target on Edison shares.
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Read More on EIX:
- Edison says reported area of origin of Palisades Fire not in SCE’s service area
- California utility selloff on fires seems overdone, says Wells Fargo
- Edison International says SCE customers may experience several days of outage
- Citi says new fires could influence Edison’s regulatory outlook
- Edison International falls as wildfires spread in Los Angeles
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