The firms have a bullish stance based on California's favorable regulatory outlook combined with the company's earnings growth prospects. The firms believe that the company’s proposed settlements in its general rate case and its gas transmission/storage case reduces regulatory risk. They also believe that the company is better positioned in comparison to its peers in an economic recovery scenario, given its lower dividend yield and better growth opportunities. The firms are of the opinion that the stock has above-average growth rate and below-average risk.