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Hawaii Electric stock was falling on Monday.
Patrick T Fallon/AFP via Getty Images
Hawaii Electric Industries
It fell 41% on Monday as wildfires in Maui weighed on the company’s stock.
Wells Fargo maintained the Underweight rating on Hawaiian Electric (stock ticker: HE) stock in a report, and cut its price target to $25 from $35, citing wildfire risks. company It supplies energy to the vast majority of the state’s populationAccording to The Wall Street Journal.
Wells Fargo analysts wrote in a research summary: “And although the exact cause of the fire has yet to be determined, some fingers… are already being pointed at the Hawaii Electric Company, as we had feared, including over failure to enforce a public safety blackout.” “.
Hawaiian Electric did not immediately respond to a request for comment Barron.
The analysts added, “Utilities insurance would provide some protection, but Mr. Higher Education did not disclose deductions or limits.”
Bloomberg reported Monday that attorneys for the plaintiffs are focusing on the company’s equipment as a potential source of the fire and plan to file lawsuits this week.
The stock fell 41% to $19.23. This year, they’re down 54%.
Write to Emily Dattilo at emily.dattilo@dowjones.com