Hawaiian Electric shares are trading lower amid wildfires in Hawaii. Reports suggest the company is facing scrutiny for not shutting off power to reduce fire risks.
Portfolio Pulse from Benzinga Newsdesk
Hawaiian Electric's stock has been downgraded by Wells Fargo, which maintained an Underweight rating and lowered its price target from $35 to $25. This has led to a decrease in the trading price of Hawaiian Electric shares.
August 14, 2023 | 12:56 pm
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Hawaiian Electric's stock has been downgraded by Wells Fargo, leading to a decrease in its trading price. The bank has maintained an Underweight rating and lowered its price target from $35 to $25.
The downgrade by Wells Fargo, a major financial institution, is a negative signal to the market. This, coupled with the lowering of the price target, suggests a bearish outlook for the stock, which is likely to put downward pressure on the stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100