PG&E reinstated with an In Line at Evercore ISI

Evercore ISI analyst Michael Lonegan reinstated coverage of PG&E with an In Line rating and $16 price target. While the firm argues the management team has done an “excellent job” in the past few years implementing efficiencies and reducing wildfire risk, Evercore also believes the Proposed Decision and Alternate Proposed Decision in the General Rate Case could be cash deficient in terms of repairing the balance sheet to the targeted mid-teens FFO to debt metric by 2024, the analyst tells investors. The firm believes the opportunities for PG&E are “sizable,” but also thinks the risks for PG&E are “significant,” the analyst said.