PG&E price target raised to $21 from $19 at UBS

UBS raised the firm’s price target on PG&E to $21 from $19 and keeps a Buy rating on the shares after the firm reported “key details” of its recent rate case decision which were in line with expectations and reaffirmed EPS growth rate guidance. The firm said it is watching catalysts, including cost of capital formulaic ROE increase in 2024; approval of the company’s 2023 Wildfire Mitigation Plan; Fire Victim Trust sale of the stock; and milestones in the PacGen sale in 1H24.