Big three California utilities reinstated with Buy ratings at BofA

seekingalpha09-13

California's top three utility stocks fell sharply in the previous session after the California Public Utilities Commission ALJ published a proposed decision in the Phase 2 cost of capital mechanism ...

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In reinstating the California utilities with Buy ratings, BofA believes PG&E (NYSE:PCG) and Sempra (NYSE:SRE) are best positioned to absorb a lower ROE, while Edison International (NYSE:EIX) \"likely has operational variances come back into the story, but achievability all depends on the rate case outcome.\" Rating PG&E (PCG) with a Buy rating and $24 price target, BofA views management as among the best in its coverage that has established \"an achievable, peer-leading path ahead as PCG starts to look more like a true regulated U.S. utility.\" Edison (EIX) is resumed as a Buy with a $95 PT, with BofA expecting further multiple expansion and upside to consensus depending on recovery outcomes for phase 2 of the 2017-18 cost recovery proceedings. Sempra (SRE) also is reinstated at Buy with a $94 PT, as the bank thinks the company's pre-funded equity raise provides balance sheet flexibility for the first time in recent memory.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"Policy And Regulatory","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2467737573"}