PG&E (PCG) Surpasses 1 Million Grid-Connected Solar Customers

PG&E Corporation (NYSE:PCG) is one of the undervalued infrastructure stocks to buy now. Two analysts recently trimmed their price targets on the stock, yet the underlying demand story has not gone quiet.

On May 21, 2026, Morgan Stanley lowered its price target on PG&E Corporation (NYSE:PCG) to $22 from $23, keeping an “Equal Weight” rating, as part of a broader update to North American Regulated and Diversified Utilities and IPP targets.

Three days earlier, on May 18, 2026, Truist made the same price target move, cutting to $22 from $23 while keeping a “Buy” rating on PG&E Corporation (NYSE:PCG). The adjustment came as part of a broader model update ahead of the American Gas Association’s Financial Forum. Truist noted the sector is now in year three of the data center wave, with investment and growth expectations continuing to climb. The firm views vertically integrated electric utilities as clear winners in building the infrastructure needed to serve that load growth.

Meanwhile, PG&E Corporation (NYSE:PCG) added a milestone of its own. On June 4, 2026, the company announced it had surpassed 1 million customers with solar systems connected to its electric grid. Jason Glickman, Executive Vice President of Strategy and Growth, said PG&E has enabled more solar adoption than any utility in the country.

PG&E Corporation (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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