Wells Fargo Initiates Coverage on PG&E (PCG) with Overweight Rating, $23 PT

Group 1 - PG&E Corporation (NYSE:PCG) is currently considered one of the most undervalued large-cap stocks to buy, with Wells Fargo initiating coverage with an Overweight rating and a price target of $23 [1] - Morgan Stanley has also raised its price target on PG&E to $21 from $19.50, maintaining an Equal Weight rating, indicating a positive outlook for the stock [2] - The utility sector, including PG&E, has outperformed the S&P 500 in September, and there is an expectation for utilities to focus on developing data center pipelines moving into Q3 [2] Group 2 - PG&E Corporation operates through its subsidiary, Pacific Gas & Electric Company, providing electricity and natural gas to customers in northern and central California [3]