PG&E price target raised to $20 from $19 at Mizuho

Mizuho analyst Anthony Crowdell raised the firm’s price target on PG&E to $20 from $19 and keeps a Buy rating on the shares. The California Public Utilities Commission approved PG&E’s 2023 rate case which includes 1,230 miles of undergrounding and 50% of post-test year escalation rates in 2024-2026, the analyst tells investors in a research note. The firm continues to recommend PG&E, saying it trades at a 16% price-to-earnings discount coupled with a “catalyst-heavy story” for an expected dividend announcement and approval of Pac Gen.