PG&E Downgraded at Jefferies Amid Reduced Confidence in Wildfire Liability Reform

PG&E has been downgraded to Hold from Buy by Jefferies, citing reduced confidence in constructive wildfire liability reform. Despite this, the company's stock price has risen 1.1% in Monday's trading, following a 20% gain since January lows. The downgrade is attributed to increased hope for a supportive outcome from SB254 Phase 2, but Jefferies believes this hope may not be warranted.