** PG&E Corp's PCG.N shares down 1.1% at $17.02 on Weds after UBS cuts rating to 'neutral' from 'buy'

** Brokerage reduces PT of Oakland, California-based electric utility by $3 to $19

** UBS cites potential depletion of the state's wildfire insurance fund due to the Eaton fire, wildfire volatility and absence of catalysts for the stock to re-rate for the downgrade

** Brokerage says it prefers Edison International EIX.N, which it rates 'buy', as the analysts say they're consolidating their views on California utilities

** Though UBS adds that PCG's investment outlook has several attributes including 9% EPS growth, no requirement for equity to 2028 and strong wildfire mitigation record over the last three years

** PCG, which in 2020 emerged from a bankruptcy prompted by deadly blazes linked to its equipment, was offered a $15 bln loan in Dec by the U.S. DOE to bolster the power grid

** Of 19 brokerages covering PCG, recommendation breakdown is 12 "strong buy" or "buy", 6 "hold" and 1 "sell; median PT of $22 down from $24.50 on Dec 19

** With move on the session, shares down ~16% YTD compared to 3% advance in S&P 500 Utilities sector .SPLRCU

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))