PG&E Downgraded by UBS, Citing Wildfire Liability and Scrapped Guidance

UBS downgraded PG&E Corporation to Neutral from Buy.

The bank slashed its price target for the utility from $19.00 to $14.00.

Analysts cited a lack of progress on wildfire liability reform as a primary concern.

PG&E recently withdrew its long-term earnings per share growth guidance.

The bank also noted risks from interest rates and potential tax-loss selling.

BofA Securities and Mizuho recently issued similar price target cuts for the company.