Ladenburg analyst Paul Fremont initiated coverage of PG&E with a Buy rating and $20.50 price target. California has set aside a $20B wildfire fund to pay for near-term fire exposure and following the completion of the company’s plan to underground 10,000 miles of its distribution lines, the firm believes the company will have "effectively eliminated its exposure to wildfires," the analyst tells investors. The current level of rate base investment supports the firm’s forecast of 10% EPS growth through 2025, Ladenburg contends.
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