Hawaiian Electric price target lowered to $25 from $35 at Wells Fargo

Wells Fargo analyst Jonathan Reeder lowered the firm’s price target on Hawaiian Electric to $25 from $35 and reiterates an Underweight rating on the shares. The company’s wildfire risks are elevated as Lahaina fire destruction continues to mount, the analyst tells investors in a research note. While it remains unclear if any of Hawaiian Electric’s equipment directly caused any of the wildfires, it is prudent to account for the risk given recent wildfire-related claims in California, Colorado and Oregon that have all exceeded $1B, says the firm. Wells adds that Hawaiian Electric is already being scrutinized for a potential role in the Hawaii fires. IT says factoring in $1B of liabilities “does not seem unreasonable given early damage estimates.”