As mounting concern about PG&E Corp.’s wildfire liabilities drove its shares lower for a sixth straight day, Morgan Stanley analysts backed off of their bullish recommendation and cut their price target by more than half, citing an “unprecedented level of uncertainty.”
The stock fell as much as 30 percent Thursday, pushing the six-day drop to more than 63 percent. California’s biggest utility owner has been roiled as wildfires continue to ravage the state. Morgan Stanley analysts led by Stephen Byrd cut their rating on PG&E to the equivalent of hold from buy and lowered the price target to $31 from $67. They had been bullish on the stock since early 2016, according to data compiled by Bloomberg.