Morgan Stanley Raises PG&E Price Target to $23 Amid Q4 Preview
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Feb 28 2026
0mins
Should l Buy PCG?
Source: Yahoo Finance
- Price Target Increase: On February 20, Morgan Stanley raised PG&E's price target from $21 to $23 while maintaining an Equal Weight rating, indicating a cautiously optimistic outlook for the stock's future performance.
- Earnings Preview: Ahead of the upcoming Q4 2025 earnings report, Morgan Stanley anticipates a balanced discussion regarding data center pipelines, reflecting higher affordability and political concerns that may impact investor confidence.
- Performance Comparison: PG&E reported GAAP earnings of $0.29 per share for Q4 2025, slightly down from $0.30 in 2024, while non-GAAP core earnings increased to $0.36 per share, indicating a modest improvement in profitability.
- Industry Performance: Despite PG&E's relatively strong performance in the utility sector, overall utility stocks underperformed the S&P 500 this month, reflecting a cautious market sentiment towards the industry.
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Analyst Views on PCG
Wall Street analysts forecast PCG stock price to rise
11 Analyst Rating
9 Buy
2 Hold
0 Sell
Strong Buy
Current: 17.170
Low
18.00
Averages
21.36
High
25.00
Current: 17.170
Low
18.00
Averages
21.36
High
25.00
About PCG
PG&E Corporation is a holding company. The Company's primary operating subsidiary is Pacific Gas and Electric Company (the Utility), a public utility operating in Northern and Central California. The Utility is engaged in the sale and delivery of electricity and natural gas to customers. The Utility generates electricity and provides electric transmission and distribution services throughout its service area in northern and central California to residential, commercial, industrial, and agricultural customers. The Utility provides electricity, transmission, and distribution services in its service area. The Utility owns approximately 18,000 circuit miles of interconnected transmission lines operating at voltages ranging from 60 kilovolts (kV) to 500 kV. The Utility also operates 33 electric transmission substations with a capacity of approximately 67,000 megavolt amperes (MVA). Customers can also obtain electricity from alternative providers such as municipalities (CCAs).
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
PG&E to Hold Q1 2026 Earnings Call on April 23
- Earnings Call Announcement: PG&E Corporation will hold its Q1 2026 earnings call on April 23, 2026, at 11:00 a.m. Eastern Time, allowing for enhanced transparency and communication with investors.
- Access Link: The webcast link for the earnings call will be available on PG&E's corporate website, ensuring that investors can easily access the latest financial information and improving interaction between the company and its stakeholders.
- Replay Availability: A replay of the conference call will be accessible via the provided link until April 30, 2026, ensuring that investors who cannot attend live can still obtain key information, thereby enhancing information accessibility.
- Company Overview: Headquartered in Oakland, PG&E Corporation is the parent company of Pacific Gas and Electric Company, serving 16 million Californians across a 70,000-square-mile service area, highlighting its significant role in California's energy market.
See More
PG&E Corporation Schedules First Quarter 2026 Earnings Call
- Earnings Call Announcement: PG&E Corporation will hold its first quarter 2026 earnings call on April 23, 2026, at 11:00 a.m. Eastern Time, aimed at providing investors and the public with insights into the company's financial performance and future outlook.
- Webcast Access: The public can access the conference call via a link provided on PG&E's website, ensuring that investors can receive real-time updates on the company's latest developments and financial information.
- Call Replay Availability: After the live call, investors can access a replay by dialing 800-770-2030 and entering confirmation code 92587, with the replay service available until April 30, 2026, allowing those unable to attend live to catch up on the information.
- Company Overview: PG&E Corporation, headquartered in Oakland, California, is the parent company of Pacific Gas and Electric Company, which serves 16 million Californians across a 70,000-square-mile service area, highlighting its significant role in the energy sector.
See More
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- Downgrade Impact: PG&E shares rose 1.1% on Monday despite Jefferies downgrading the stock from Buy to Hold with a price target cut from $20 to $19, indicating market confidence in the company's future performance.
- Price Recovery Context: The stock has gained 20% since January lows, reflecting increased optimism regarding a supportive outcome from SB254 Phase 2, although analysts express diminished confidence in meaningful wildfire liability reform for utilities.
- Insufficient Political Support: Jefferies analyst Julien Dumoulin-Smith noted that while support from the California PUC and TURN is constructive, the lack of buy-in from the insurance sector poses challenges for structural reform, potentially impacting the business environment.
- Fire Risk Warning: The analyst highlighted elevated risks for the 2026 fire season, although it remains uncertain whether this will catalyze legislative urgency; current snow-water equivalent estimates indicate statewide snowpack at just 37% of historical averages, with Northern California at a mere 18%.
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Gallagher Increases Stake in Vanguard Long-Term Corporate Bond ETF
- Increased Holdings: Gallagher Fiduciary Advisors, LLC increased its stake in the Vanguard Long-Term Corporate Bond ETF (VCLT) by 525,553 shares in Q4 2026, with an estimated transaction value of approximately $40 million, indicating strong confidence in long-term bonds.
- Asset Value Growth: The quarter-end position value of VCLT rose by $39.9 million due to both share additions and price changes, highlighting the ETF's significance in Gallagher's asset management, representing about 2.1% of its 13F assets under management.
- Investment Strategy: VCLT focuses on tracking the Bloomberg U.S. 10+ Year Corporate Bond Index, primarily investing in investment-grade corporate debt with maturities over 10 years, offering low-cost exposure to long-term debt that appeals to yield-seeking investors.
- Market Outlook: With expectations of declining interest rates, investors may increasingly favor long-term bonds, and Gallagher's buying strategy could yield capital returns in a falling rate environment, enhancing the potential for future gains.
See More
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- PG&E Target Price Increase: UBS has raised the target price for PG&E Corp. to $23 from $20.
- Market Implications: This adjustment reflects UBS's positive outlook on PG&E's performance and market position.
See More
Analysis of PG&E Preferred Shares Performance
- Price Performance Comparison: PG&E's 5% Redeemable Preferred Stock (PCG.PRE) rose approximately 1.3% on Tuesday, contrasting with a 1% decline in common shares (PCG), indicating the preferred stock's relative stability amid market fluctuations, which may attract investors seeking safer investments.
- Dividend History Review: The historical dividend payments of PCG.PRE highlight its provision of a stable income stream, enhancing its appeal as an income investment tool, especially as demand for fixed-income products remains high in the current market environment.
- Market Sentiment Analysis: The rise in preferred shares, despite the poor performance of common stock, may reflect market confidence in PG&E's financial health, particularly as the company works to improve its operations and financial standing, potentially attracting more institutional investors.
- Investment Strategy Recommendation: Given the stability and dividend yield of the preferred stock, investors may reassess their portfolios to increase allocations to PCG.PRE in order to navigate market uncertainties and seek higher returns.
See More
PG&E to Hold Q1 2026 Earnings Call on April 23
- Earnings Call Announcement: PG&E Corporation will hold its Q1 2026 earnings call on April 23, 2026, at 11:00 a.m. Eastern Time, allowing for enhanced transparency and communication with investors.
- Access Link: The webcast link for the earnings call will be available on PG&E's corporate website, ensuring that investors can easily access the latest financial information and improving interaction between the company and its stakeholders.
- Replay Availability: A replay of the conference call will be accessible via the provided link until April 30, 2026, ensuring that investors who cannot attend live can still obtain key information, thereby enhancing information accessibility.
- Company Overview: Headquartered in Oakland, PG&E Corporation is the parent company of Pacific Gas and Electric Company, serving 16 million Californians across a 70,000-square-mile service area, highlighting its significant role in California's energy market.
See More
PG&E Corporation Schedules First Quarter 2026 Earnings Call
- Earnings Call Announcement: PG&E Corporation will hold its first quarter 2026 earnings call on April 23, 2026, at 11:00 a.m. Eastern Time, aimed at providing investors and the public with insights into the company's financial performance and future outlook.
- Webcast Access: The public can access the conference call via a link provided on PG&E's website, ensuring that investors can receive real-time updates on the company's latest developments and financial information.
- Call Replay Availability: After the live call, investors can access a replay by dialing 800-770-2030 and entering confirmation code 92587, with the replay service available until April 30, 2026, allowing those unable to attend live to catch up on the information.
- Company Overview: PG&E Corporation, headquartered in Oakland, California, is the parent company of Pacific Gas and Electric Company, which serves 16 million Californians across a 70,000-square-mile service area, highlighting its significant role in the energy sector.
See More
PG&E Shares Rise 1.1% Despite Jefferies Downgrade to Hold
- Downgrade Impact: PG&E shares rose 1.1% on Monday despite Jefferies downgrading the stock from Buy to Hold with a price target cut from $20 to $19, indicating market confidence in the company's future performance.
- Price Recovery Context: The stock has gained 20% since January lows, reflecting increased optimism regarding a supportive outcome from SB254 Phase 2, although analysts express diminished confidence in meaningful wildfire liability reform for utilities.
- Insufficient Political Support: Jefferies analyst Julien Dumoulin-Smith noted that while support from the California PUC and TURN is constructive, the lack of buy-in from the insurance sector poses challenges for structural reform, potentially impacting the business environment.
- Fire Risk Warning: The analyst highlighted elevated risks for the 2026 fire season, although it remains uncertain whether this will catalyze legislative urgency; current snow-water equivalent estimates indicate statewide snowpack at just 37% of historical averages, with Northern California at a mere 18%.
See More
Gallagher Increases Stake in Vanguard Long-Term Corporate Bond ETF
- Increased Holdings: Gallagher Fiduciary Advisors, LLC increased its stake in the Vanguard Long-Term Corporate Bond ETF (VCLT) by 525,553 shares in Q4 2026, with an estimated transaction value of approximately $40 million, indicating strong confidence in long-term bonds.
- Asset Value Growth: The quarter-end position value of VCLT rose by $39.9 million due to both share additions and price changes, highlighting the ETF's significance in Gallagher's asset management, representing about 2.1% of its 13F assets under management.
- Investment Strategy: VCLT focuses on tracking the Bloomberg U.S. 10+ Year Corporate Bond Index, primarily investing in investment-grade corporate debt with maturities over 10 years, offering low-cost exposure to long-term debt that appeals to yield-seeking investors.
- Market Outlook: With expectations of declining interest rates, investors may increasingly favor long-term bonds, and Gallagher's buying strategy could yield capital returns in a falling rate environment, enhancing the potential for future gains.
See More
UBS Increases PG&E Corp's Target Price from $20 to $23
- PG&E Target Price Increase: UBS has raised the target price for PG&E Corp. to $23 from $20.
- Market Implications: This adjustment reflects UBS's positive outlook on PG&E's performance and market position.
See More
Analysis of PG&E Preferred Shares Performance
- Price Performance Comparison: PG&E's 5% Redeemable Preferred Stock (PCG.PRE) rose approximately 1.3% on Tuesday, contrasting with a 1% decline in common shares (PCG), indicating the preferred stock's relative stability amid market fluctuations, which may attract investors seeking safer investments.
- Dividend History Review: The historical dividend payments of PCG.PRE highlight its provision of a stable income stream, enhancing its appeal as an income investment tool, especially as demand for fixed-income products remains high in the current market environment.
- Market Sentiment Analysis: The rise in preferred shares, despite the poor performance of common stock, may reflect market confidence in PG&E's financial health, particularly as the company works to improve its operations and financial standing, potentially attracting more institutional investors.
- Investment Strategy Recommendation: Given the stability and dividend yield of the preferred stock, investors may reassess their portfolios to increase allocations to PCG.PRE in order to navigate market uncertainties and seek higher returns.
See More
