PG&E initiated with a Buy at Jefferies

Jefferies analyst Julien Dumoulin-Smith initiated coverage of PG&E with a Buy rating and $24 price target The stock is trading at the lowest utility P/E, which the firm views as “overly punitive for wildfire risk and premium growth.” After a deep dive into PG&E drivers, the firm says it has “a renewed sense of confidence” in the 9%-plus long-term EPS growth rate guidance, which it notes is “well above” the average 5%-7% utility rate.