Morgan Stanley analyst Stephen Byrd raised his price target on PG&E shares to $17.50 from $13.00 after Cal Fire released its investigative report on the Tubbs Fire.

Byrd removed the liability for the Tubbs fire from his prior valuation after the regulator stated that it found the utility's equipment did not cause the fire so the company will not be responsible for paying the associated damages. The Tubbs Fire, which caused $7B in insured damages and lead to 22 deaths, was the most destructive of the 2017 northern CA wildfires, Byrd noted.

However, he keeps an Equal Weight rating on PG&E shares, as Byrd believes the company will move forward with its filing for reorganization and will face "a lengthy and uncertain bankruptcy process."