Neutral/Negative Catalysts
- Near-term entry is poor: RSI is stretched and price is pressing into nearby resistance (64.38), increasing odds of a pullback.
- Analyst tone is mixed and recently worsened: Wells Fargo downgraded to Underweight with $59 PT; Morgan Stanley remains Underweight (fire exposure concern).
- Options open interest skew (P/C 1.36) implies ongoing hedging/concern despite today’s call-heavy flow.
- Event risk into earnings (2/18): any unfavorable wildfire/liability/regulatory commentary could hit the stock.
- No supportive news flow in the past week (no fresh positive catalyst to justify chasing today).