© Reuters. Mizuho expects PG&E shares to be weak following CFO’s resignation
By Davit Kirakosyan
Mizuho Securities commented on PG&E Corp. (NYSE:) after the announcement that CFO Chris Foster resigned to grow to be CFO at CenterPoint Vitality (NYSE:).
This was sudden to the brokerage, which expects PG&E shares to be weak given (1) that is the second current departure of the corporate’s government, (2) current administration modifications within the sector have triggered inventory selloffs, and (3) all of the constructive catalysts are anticipated within the second half of the 12 months so it is going to take a while for buyers to give attention to the worth drivers.
Whereas reiterating its Purchase score, the agency believes the CFO’s departure might delay any materials rerating till H2/23.
Carolyn Burke, who joined PG&E in January, will exchange Foster as CFO, efficient Might 4. The corporate hosted an AMC investor name the place they highlighted Burke’s expertise with corporations which have just lately emerged from chapter.
“We do not anticipate any main modifications to PCG’s capital plan or earnings trajectory with a brand new CFO however the timing of it could shock some buyers,” mentioned Mizuho.
PG&E shares closed practically 2% greater at the moment.
