Morgan Stanley Upgrades PG&E Corporation (PCG) from 'Underweight' to 'Equal Weight', Raises Price Target to $20

With significant upside potential, PG&E Corporation (NYSE:PCG) secures a spot on our list of the 11 Best Nuclear Energy Stocks to Invest in Right Now.

On September 18, 2025, Morgan Stanley upgraded PG&E Corporation (NYSE:PCG) from ‘Underweight’ to ‘Equal Weight’ and raised its price target from $19 to $20.

Earlier downgrades in February were linked to wildfire concerns, but analysts now see a better risk-reward profile due to a replenished fund and PG&E Corporation (NYSE:PCG)’s roughly 50% discount to sector P/E ratios. Although California’s wildfire risk still justifies utility-sector discounts, Morgan Stanley acknowledged improved investment conditions.

PG&E Corporation (NYSE:PCG) serves customers in northern and central California through its Pacific Gas and Electric subsidiary. It produces electricity from nuclear, hydropower, fossil fuels, fuel cells, and solar sources, making it a regulated utility with nuclear exposure. It is one of the Best Utility Stocks.

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