Hawaiian Electric downgraded to Underweight from Equal Weight at Wells Fargo

Wells Fargo downgraded Hawaiian Electric to Underweight from Equal Weight with a price target of $8.50, up from $8. The analyst says that while some positive developments o the Maui wildfires have “infused some optimism” into Hawaiian Electric shares, there is still risk of a $0 equity value should the company be held liable. The stock comes with a high level of uncertainty with minimal insight into what the investigations are going to say or what elected officials might do, the analyst tells investors in a research note. Wells believes the stock’s probability-weighted downside is much greater than the upside at today’s stock levels.