BofA notes that the Palisades fire that was last estimated to be 2,921 acres and at 0% containment, according to Cal Fire, is occurring in Edison International’s (EIX) Southern California Edison service territory. However, at this time, there is no indication that SCE equipment is believed to have started the fire and the utility has not filed an electric service incident report, the analyst noted. The legal and operating environment for wildfires in California is now “dramatically different” than what has been in place during previous catastrophic wildfires seen in the state before 2020 legislation passed and AB 1054 provides financial protections, added the analyst, who has a Buy rating and $95 price target on the shares.
Stay Ahead of the Market:
- Discover outperforming stocks and invest smarter with Top Smart Score Stocks
- Filter, analyze, and streamline your search for investment opportunities using Tipranks' Stock Screener
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on EIX:
- Correction: Edison International previously initiated Buy at Jefferies
- Edison International falls as wildfires spread in Los Angels
- Unusually active option classes on open January 8th
- Edison International upgraded to Overweight from Equal Weight at Barclays
- Edison International price target lowered to $87 from $96 at UBS
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
