Hawaiian Electric price target lowered to $18 from $32 at Guggenheim

Guggenheim lowered the firm’s price target on Hawaiian Electric to $18 from $32 and keeps a Neutral rating on the shares after prominent wildfire attorneys filed lawsuits alleging negligence and creating arguments around Hawaiian Electric Utilities’ wildfire practices. The firm says it is “hard to imagine” the company will emerge from the tragic incident in its current form, and sees the potential for the current company structure to change materially, including partial asset buy-outs or government intervention, the analyst tells investors in a research note.