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

PG&E Corporation (NYSE:PCG) is one of the most undervalued large cap stocks to buy right now. On October 28, Wells Fargo initiated coverage on PG&E with an Overweight rating and $23 price target. Wells Fargo maintains a highly favorable view of the company and designates it as one of its deepest value-regulated buys. The firm stated in a research note that the company has done all the right things in 2025.

Earlier on October 22, Morgan Stanley raised the firm’s price target on PG&E to $21 from $19.50 with an Equal Weight rating on the shares as part of a broader update on the price targets for Regulated & Diversified Utilities/IPPs in North America under its coverage. Utilities outperformed the S&P 500 in September. Moving into Q3, the firm expects utilities to focus on the developing data center pipelines.

PG&E Corporation (NYSE:PCG), through its subsidiary, Pacific Gas & Electric Company, sells and delivers electricity and natural gas to customers in northern and central California, the US.

While we acknowledge the potential of PCG as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.