PG&E's fire liabilities and dividend cut raise uncertainty for investors.
We are reaffirming our $52 fair value estimate and no-moat and stable moat trend ratings for PG&E after the company reported earning $3.68 per share in 2017, down from $3.76 per share in 2016. The 2017 results are in line with our expectations. Timing was the primary reason for the year-over-year drop in earnings and it does not change our outlook for 6% annual normalized earnings growth before fire- and tax-related adjustments.We are raising our fair value uncertainty rating to medium fr...
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