JPMorgan analyst Christopher Turnure says yesterday’s report from the California Department of Forestry and Fire Protection is a “clear positive” for PG&E. With the report finding that PG&E wires were not the source of ignition for Tubbs Fire, the analyst now assumes the company is largely absolved of an estimated $7B of liabilities. Despite this favorable finding, PG&E continues to face roughly $28B of gross fire liabilities, Turnure tells investors in a research note. The primary challenges are that potential liabilities continue to exceed the financing capacity of the company, adds the analyst. He believes PG&E will face years of litigation stemming from the 2017-2018 wildfires absent its potential bankruptcy filing. Turnure raised his price target for the shares to $11 from $10 and keeps a Neutral rating on PG&E. The stock closed yesterday up 74%, or $5.92, to $13.95.