PG&E price target lowered to $15 from $20 at Evercore ISI

Evercore ISI analyst Michael Lonegan lowered the firm’s price target on PG&E to $15 from $20 and keeps an In Line rating on the shares. The firm expects PG&E’s “industry-leading” 9%-10% core EPS growth forecast, strong cash flow growth and balance sheet improvement to take a “backseat” to concerns about an adequate backstop for the impacts of potential future wildfires, the analyst says.