PG&E price target lowered to $21 from $25 at BofA

BofA lowered the firm’s price target on PG&E (PCG) to $21 from $25 and keeps a Buy rating on the shares. While the firm still does not know the level of financial exposure, or whether a utility started any of the fires, it thinks the perception of wildfire risk in California has increased so it adjusted its targets for PG&E and Edison International (EIX).