Shares in PG&E Corp. (PCG) sank as much as 13% in pre-market trading after the debt-strapped U.S. utility announced that a group of investors agreed to commit to a $3.25 billion equity investment at a discounted share price.The U.S. utility disclosed that a number of investors, including Appaloosa, Third Point LLC, Fidelity Management & Research Co. LLC and Zimmer Partners, have committed to buy shares at a price of up to $10.50 in an offering to generate $3.25 billion. The stock plunged as much as 13% in pre-market trading to $10.95 after closing at $12.52 on Friday.The equity investment agreement is part of the power provider’s plan to raise a total of $5.75 billion from public offerings as it embarks on a plan to exit from its bankruptcy, it said in a SEC filing.Over the weekend, Reuters reported that PG&E is working on a $11 billion debt-financing package as it seeks to come out of Chapter 11 proceedings by June 30 to tap a state-backed fund that would help utilities cope with the financial fallout suffered from wildfires.In January last year, the utility filed for bankruptcy, citing potential liabilities exceeding $30 billion from major wildfires sparked by its equipment in 2017 and 2018.It looks like some investors are welcoming PG&E’s plan to emerge out of bankruptcy. Since hitting this year’s low in March, shares have surged more than 70%.Merrill Lynch analyst Julien Dumoulin Smith on Friday reiterated a Buy rating on the company with a $14 price target, saying that with approvals and a reorganization plan in place, the stock offers a “much cleaner story”.“Under conservative assumptions we calculate shares as offering compelling total return prospects with additional catalyst potential if the backstop agreement were amended to provide better terms,” Dumoulin Smith wrote in a note to investors.Overall, the Wall Street analyst community is cautiously optimistic on the stock. The Moderate Buy consensus consists of 5 Buy versus 3 Hold ratings. The $14.06 average price target implies shares may gain another 12% in the coming 12 months. (See PG&E stock analysis on TipRanks).Related News: PG&E Is Said To Ready $11 Billion Debt Financing Plan Colombian Carrier Avianca Files for Bankruptcy Protection Due to Coronavirus Woes S&P Cuts American Airlines’ Credit Rating To ‘B-‘ from ‘B’ On Cash Flow Deficit Concern More recent articles from Smarter Analyst: * IFF Sales Drop 7% Due To Coronavirus Pandemic Impact; Shares Fall In Pre-Market * Tesla Sales Triple For China Model 3 Vehicle In May * Canada’s Bombardier Cuts 2,500 Jobs As Pandemic Stalls Travel Demand * Stitch Fix Earnings: Top Analyst Cautiously Optimistic Into Today’s Print

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The Black Lives Matter movement has sparked some monumental changes, with cities making moves to defund police forces. Yahoo Finance’s Alexis Christoforous, Brian Sozzi, and Andy Serwer discuss.

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New figures show that Tesla Inc (TSLA) sold 11,095 Shanghai-made Model 3 vehicles in China in May, reports Reuters.This is more than triple the volume seen in April, according to the China Passenger Car Association (CPCA).The CPCA previously revealed that the electric-vehicle maker sold 3,635 vehicles in April- a dramatic 64% drop from the 10,160 units sold in March.Notably, CPCA uses a different counting method than Tesla’s deliveries.Shares in Tesla have now more than doubled on a year-to-date basis, and are currently trading up 2% in Monday’s pre-market trading.With shares at such high levels, analysts are taking a cautious stance on Tesla stock. The Hold analyst consensus is made up of 9 recent buy ratings, 9 holds and 10 sells. (See Tesla’s stock analysis on TipRanks)Meanwhile the average analyst price target stands at $619, indicating 30% downside potential lies ahead.Argus Research’s Bill Selesky recently reiterated his hold rating after Tesla slashed prices by about 6% on its Model S, Model X and Model 3 in North America and its Model S and Model X in China.The analyst stated “Due to the pandemic, we have lowered our 2020 vehicle delivery forecast by 19% to 409,000. We are also concerned about the potential impact of tensions between the U.S. and China on Tesla’s manufacturing facilities in Shanghai, as we had expected China to account for 30% of production volume in 2020, up from 13% in 2019”.Similarly Wedbush analyst Dan Ives is also staying on the sidelines, with a price target of $800 (10% downside potential).According to Ives, “the China growth story is worth $300 per share to Tesla as this EV penetration is set to ramp significantly over the next 12 to 18 months in a more normalized backdrop.”Related News: Grubhub Shares Lifted On Report Of European Acquirers Lining Up   Can Tesla Provide the Million Mile EV Battery? Top Analyst Weighs In Uber In Partnership With MoneyGram For Driver Discount During Pandemic More recent articles from Smarter Analyst: * Canada’s Bombardier Cuts 2,500 Jobs As Pandemic Stalls Travel Demand * Stitch Fix Earnings: Top Analyst Cautiously Optimistic Into Today’s Print * Oxford Biomedica Clinches Manufacturing Deal For AstraZeneca’s Covid-19 Vaccine * Vale SA Forced To Shutter Itabira Mines; Analyst Sees The Bright Side

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