FBR Capital reiterated its "Outperform/Top Pick" on PG&E Corp (NYSE:PCG), citing progress toward a rate case settlement.
"It appears that PG&E's general rate case settlement discussions continue to be progressing well. In an email sent on October 7, PG&E's law department invites all parties to a settlement conference held on October 15, 2010 (this Friday). In this email, PG&E indicates that it is 'hopeful' that during this conference the parties "will successfully conclude negotiations and produce a settlement.
"In a subsequent email sent to the Administrative Law Judge and all parties, PG&E indicates that the next status report will be submitted no later than Monday, October 18, 2010," said FBR.
The company was also recently sued in connection to the San Bruno, California, that killed eight people.
PG&E closed Monday at $46.59, down $0.19, or 0.41 percent.
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