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.”



Berkshire-owned Utility Urges Oregon Appeals Court to Limit Wildfire Damages
Flood Risk Misconceptions Drive Underinsurance: Chubb
Insurance Groundhogs Warming Up to Market Changes
AIG, Chubb Can’t Use ‘Bump-Up’ Provision in D&O Policy to Avoid Coverage 
