PG&E price target raised to $23 from $21 at BMO Capital

BMO Capital raised the firm’s price target on PG&E to $23 from $21 and keeps an Outperform rating on the shares after its Q4 results. The company had a strong year operationally with EPS consistent with consensus estimates and in the upper end of upwardly narrowed 2024 guidance of $1.34-1.37, the analyst tells investors in a research note. The stock is also trading at a deep discount despite top-tier EPS and rate base growth, with several potential catalysts to realize multiple expansion including an upgrade to investment-grade and a growing dividend yield that, along with continued execution, should drive multiple expansion, the firm added.