As PG&E Corp. barreled toward bankruptcy last week, just one analyst kept a “buy” rating on the shares, largely on valuation. On Thursday, the stock surged by the most ever, rising 75 percent to $13.95 after regulators said its equipment didn’t cause the deadly 2017 Tubbs wildfire.

Morningstar analyst Travis Miller, the lone PG&E bull, sees the company remaining in a precarious position.

“I don’t think this removes the bankruptcy scenario,” Miller, an analyst at Morningstar, said in an interview. “PG&E still faces financial distress simply given that the capital markets are not open for business for them. This is a positive development, but the fact remains that PG&E faces tens of billions in liabilities.”

Miller had a price target of $11. “Investors should still keep this news in perspective,” he said. “The 2018 Camp Fire remains a major financial concern.”