Mizuho analyst Anthony Crowdell notes that late Friday a proposed decision was announced that recommended that the CPUC reject the PG&E Corporation’s plan to divest a 50% non-controlling interest in the company’s nonnuclear generating assets, or “Pac Gen.” The proposed decision was very focused on the structure of the entity, which the firm believes makes it less likely that some minor tweaking could make it amenable to the CPUC. However, the firm notes that on their Q4 call, management stated their 2024 plan of no equity and at least 9% EPS CAGR was unchanged regardless of a Pac Gen approval and the firm continues to believe the current valuation of PG&E “represents one of the best value stocks in the utility sector.” Mizuho keeps a Buy rating and $21 price target on PG&E shares.
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