PG&E Corp. shares fell 18.64% to $13.51 on Monday after Mizuho and BMO Capital downgraded the stock and reduced their price targets. Mizuho analyst Anthony Crowdell cut PG&E from Outperform to Neutral and lowered his target from $21 to $16, while BMO Capital analyst James Thalacker moved the rating from Outperform to Market Perform and reduced the forecast from $28 to $21. The changes followed PG&E's Sunday statement on amended California Senate Bill 492 (SB 492), which the company said could help wildfire survivors and improve preparedness but falls short of a sustainable solution. PG&E said the legislation does not sufficiently address financing risks under California's existing wildfire liability framework, potentially restricting affordable investment in a safer, more reliable energy system and efforts to control customer costs. Citing an April report from the California Earthquake Authority, the company said current funding mechanisms remain insufficient and called for a long-term framework that supports survivors, maintains safety incentives, reduces wildfire risk and enables affordable investment. Thalacker said the bearish view reflects SB 492's passage, arguing that it does not resolve key weaknesses in California's wildfire framework, create a long-term solution for the wildfire fund or cap related liabilities. His revised price forecast includes the possibility of uncapped wildfire liabilities beyond 2030. Although PG&E management is expected to soon present a revised capital allocation strategy, Thalacker does not believe that measure alone would restore investor sentiment. A related report described California lawmakers as blocking key wildfire insurance reform and forecast wildfire liabilities extending beyond 2030.