On September 2, Edison rose 6.63% in regular trading, trading at $58.295/share, with turnover of $533 million. The rebound follows a historic single-day plunge of over 22% on August 31, which marked the stock's largest single-day decline in years.
The prior selloff was triggered by California's revision of Senate Bill 492, which strengthened wildfire prevention and post-disaster recovery mechanisms but fell short of market expectations. BofA Securities noted that SB 492 does not limit insurance subrogation, cap utility liabilities, or reform inverse condemnation, leaving fundamental regulatory uncertainty unresolved. Broader reforms may be delayed until a new governor and legislature take office. Multiple institutions including Mizuho, BofA, Argus Research, and Ladenburg Thalmann simultaneously downgraded or cut price targets, with BofA lowering its target to $51 from $81 and downgrading to neutral.
The broader California utility sector staged a collective technical rebound, with peer PG&E Corp rising 8.06% in the same session. Despite the bounce, analyst consensus target price has declined to approximately $69.92, reflecting persistent caution over wildfire liability exposure and regulatory headwinds.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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