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Guggenheim analysts say Portland price drop overdone

  • Portland General Electric (POR -12.6%) plunges to a YTD low following reports its equipment may have been involved in starting fires currently occurring in Oregon.
  • Guggenheim analysts are out in defense of the company, saying Portland management says it has no indication that its equipment was involved in starting any of the fires.
  • The firm says today's share price drop is overdone, noting there are no inverse condemnation laws in Oregon - unlike California - and that the fires near Portland General assets primarily have been in national forests.
  • PG&E yesterday began restoring power to some of the 500K California homes and businesses it blacked out earlier as fires whipped by wind gusts scarred the state.

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Portland General Electric Company