Goldman Sachs Boosts PG&E Price Target to $23.00 Amid Wildfire Liability Concerns
PG&E Corporation's second-quarter earnings have set a solid base for its future growth, according to Goldman Sachs. The financial institution has maintained its Buy rating and increased its price target to USD 23.00, surpassing the USD 18.44 consensus among analysts.
The company reported USD 5.9 billion in revenue and USD 761.0 million in net income for the second quarter of 2026, matching last year's revenue but increasing net income by USD 212.0 million.
PG&E's operating cash flow stood at USD 748.0 million, while total assets reached USD 145.1 billion as of June 30, 2026. However, the company has deferred USD 2.0 billion of planned investment in 2027, reducing its capital plan to USD 11.4 billion.
UBS downgraded PG&E from Buy to Neutral and cut its target from USD 19.00 to USD 14.00 on September 22, citing stalled California wildfire-liability reform and estimated aggregate liabilities of USD 2.25 billion for the 2021 Dixie fire and USD 400.0 million for the 2022 Mosquito fire.