Mizuho makes PG&E top idea with shares trading at 60% discount - InvestingChannel

Mizuho makes PG&E top idea with shares trading at 60% discount

The approval of PG&E’s exit financing plan and disclosure statements “represents a major step towards” emerging from bankruptcy in time for the June 2020 deadline, Mizuho analyst Paul Fremont tells investors in a research note. Based on the analyst’s revised estimates, PG&E is trading at a 60% price-to-earnings discount to the group. This makes the stock Fremont’s best idea. Near-term catalysts include a final California Public Utilities Commission order in the company’s bankruptcy Order Instituting Investigation expected in April, and confirmation of the company’s plan of reorganization expected in May, says Fremont. The analyst lowered the firm’s price target on PG&E to $18 from $18.50 and keeps a Buy rating on the shares. PG&E closed Tuesday up 27c to $9.22.