PG&E downgraded to Neutral from Buy at UBS

UBS analyst Gregg Orrill downgraded PG&E to Neutral from Buy with a $17 price target. Orrill sees the investment positives — industry-leading 10% EPS growth over the next four years, an improved response to wildfire conditions, and a strong management team — and negatives — the overhang presented by the Fire Victims Trust ownership concentration and the lag in recovery of wildfire mitigation spending, as more balanced, the analyst tells investors in a research note.