Investors Nervous as Edison International Takes Heat From Latest Fires
We are reaffirming our $66 fair value estimate and narrow moat and stable moat trend ratings for Edison International after the stock dropped Dec. 5 on worries about impacts from Southern California wildfires. Edison lost nearly $3 billion of market value that day, which we think is excessive based on potential cash liabilities shareholders might face.Investors understandably are nervous, given the fire-related liabilities that Edison peers Sempra Energy and PG&E have experienced recently....
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