Guggenheim analyst Shahriar Pourreza upgraded Portland General Electric (POR) to Buy from Neutral with a $48 price target. The firm does not subscribe to the Hawaiian Electric (HE)-contagion fire risk argument raised in recent days, with the analyst saying Portland General Electric is operationally and geographically differentiated from Hawaiian Electric and other western fire-exposed peers. Even if there were a utility-induced wildfire in Portland’s territory, the firm believes it would be difficult to prove gross negligence given the company’s programs in place, Guggenheim argues.
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