Guggenheim analyst Shahriar Pourreza lowered the firm’s price target on PG&E to $21 from $22 and keeps a Buy rating on the shares. Utilities have been material underperformers year-to-date compared to the broad markets and most names within the group are trading at discounted valuation levels, the analyst tells investors. Despite the sector’s underperformance, the firm maintains a neutral stance on the group.
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