Wells Fargo Starts PG&E at Overweight With $23 Target as Analyst Views Brighten

Overview

• On October 28, Wells Fargo initiated PG&E with an Overweight rating and a $23 price target, calling the utility one of its deepest value regulated buys and saying the company made the right moves in 2025.
• Morgan Stanley on October 22 raised its PG&E price target to $21 while keeping an Equal Weight rating, and Wolfe Research on October 24 lifted its target to $21 with an Outperform rating.
• Wolfe Research pointed to projected rate base growth of about 9% and EPS growth of at least 9% from 2026 to 2030 as key drivers.
• The research notes credit CEO Patti Poppe with improving regulatory relationships and engagement with policymakers in California.
• Analysts also cite ongoing wildfire‑risk mitigation, including a significant undergrounding program, as a support for the investment case.