Jefferies reiterated its Underperform rating and $13.25 price target on Hawaiian Electric (NYSE: HE), citing continued structural challenges despite progress on regulatory issues. The firm noted that the company has transitioned from facing existential wildfire-related risks to a phase of regulatory normalization, but said the next stage of recovery is more complex. Jefferies highlighted a proposed $170 million rebasing plan aimed at addressing an approximately 280 basis point return-on-equity gap beginning ...