Analyst Note
| Travis Miller |We are reaffirming our $11.50 per share fair value estimate for PG&E after California regulators moved the company into the first of six levels of enhanced oversight that could trigger a state takeover. We still consider a state takeover highly unlikely and expect PG&E to make changes necessary to return to standard regulatory oversight. We are reaffirming our no-moat, stable moat trend, and high uncertainty ratings.