Ongoing Data Center Wave Bodes Well For PG&E Corp. (PCG)

PG&E Corp. (NYSE:PCG) is one of the 10 best large cap stocks under $30 with highest upside potential.

As of the June 3 closing, consensus sentiment around PG&E Corp. (NYSE:PCG) was strongly bullish. 10 of the 12 analysts who covered it assigned Buy ratings to the stock, while 2 analysts gave Hold calls. With no Sell ratings, the stock has a median one-year target price of $22.92, which leads to an upside of almost 37% at the current level.

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On May 18, ahead of the American Gas Association’s Financial Forum, Truist updated its models for the Power and Utilities sector. In line with that, the firm revised its price target for PG&E Corp (NYSE:PCG) down to $22 from $23, while maintaining a Buy rating on the shares. The revision now leads to an upside of more than 31% for investors.

The firm noted that sector investment and overall growth expectations continue to rise as the market enters the third year of the data center wave. It also highlighted that vertically integrated electric utilities are positioned as clear winners due to their role in building out the infrastructure to serve this specific load growth.

PG&E Corp. (NYSE:PCG) sells electricity and natural gas across the U.S. market. The company uses fossil fuel-fired, fuel cells, photovoltaic, nuclear, and hydroelectric sources to generate electricity. It serves residential, commercial, industrial, and agricultural customers, as well as natural gas-fired electricity generation facilities. The company operates through various interconnected transmission lines.

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