Wall Street Analysts Just Trimmed Price Targets for These 10 Stocks

02. PG&E Corporation (NYSE:PCG)

Price Reaction after the Price Target Cut: -0.47(-2.58%)

On June 17, Barclays revised its outlook on PG&E Corporation (NYSE:PCG), lowering the price target from $22 to $21 while maintaining an “overweight” rating. The price reaction after the price target cut was a decline of 2.58%. In its latest quarterly earnings announcement on April 25, PG&E Corporation (NYSE:PCG) reported a normalized EPS of $0.37, which exceeded expectations by $0.03. However, PG&E Corporation (NYSE:PCG) revenue of $5.86 billion fell short of expectations by $872.05 million. The company forecasts a 10% growth compared to the previous year, with an expected earnings per share (EPS) ranging from $1.33 to $1.37. PG&E Corporation (NYSE:PCG) remains positive about its long-term growth, predicting an annual EPS increase of at least 9% from 2025 to 2028. As part of its five-year financial strategy, the company has outlined a $62 billion capital investment plan, which excludes the potential sale of a minority stake in Pacific Generation.

Third Point Management made the following comment about PG&E Corporation (NYSE:PCG) in its Q1 2023 investor letter:

“Our strategy is to preserve liquidity and buying power to take advantage of markets when they “break”. While overall indices remain elevated, we are finding more chances to provide liquidity across all three asset classes in which we invest – credit, structured credit, and equity – opportunities which have been key drivers of performance for the fund. Our portfolio is balanced across industries with a focus on event-driven names including companies involved in spin-offs, significant cost-cutting, or other types of under-appreciated business transformation. PG&E Corporation (NYSE:PCG), which is still our largest position, continues to deliver strong performance, down 50bps in the first quarter but up 6.2% for the year to date after the Fire Victims Trust sold another 60 million shares in a block trade.”