Wells Fargo upgraded Hawaiian Electric to Equal Weight from Underweight with an unchanged price target of $14. The analyst believes there is a high probability that a wildfire settlement moves forward, but adds that Hawaiian Electric may need to contribute more. With the shares 20% below the price target, Wells moves to the sidelines. While a settlement is likely to be finalized and those scenarios suggest potential share meaningful upside from here, there is limited visibility and bankruptcy risk “cannot be completely ignored,” particularly considering the implications of Q2’s $1.71B charge, the analyst tells investors in a research note.
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