Jefferies downgrades PG&E, citing lack of wildfire liability reform

Shares of California-based utility firm PG&E PCG.N down about 1% to $17.17 in premarket trading

Jefferies downgrades stock to 'hold' from 'buy' rating, cuts PT to $19 from $20

Brokerage says "we do not see sufficient political appetite to enact a structural reform that meaningfully shifts wildfire liability away from utilities’ shareholders and rate-payers"

Jefferies says early indicators point to an elevated 2026 fire-season risk, though it remains unclear whether this will catalyze legislative urgency

While small policy tweaks like a liability cap remain possible, the brokerage says it is becoming increasingly hard to expect any major structural reform

13 of 18 brokerages rate the stock "buy" or higher, 4 "hold" and 1 "sell"; their median PT is $22.50 - data compiled by LSEG

As of last close, stock up 7.7% YTD