Goldman Sachs initiated coverage of PG&E with a Buy rating and $21 price target, which implies a total return of 25%. Although PG&E has been one of the best performing utilities over the last several years, it still trades at a 25% discount due to its wildfire exposure, the analyst tells investors in a research note. The firm believes the company’s turnaround story is not yet complete and forecasts “peer-leading” earnings growth at 9% on average versus the group average at 7%. It cites PG&E’s strong capital investment opportunities and cost efficiencies.
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