Hawaiian Electric Industries did not immediately respond to a request for comment.
A Washington Post report over the weekend raised questions over whether Hawaiian Electric, which owns utility Maui Electric, did not take sufficient safety measures amid warnings days before the fires broke out that wind gusts would trigger dangerous fire conditions.
A class action lawsuit has also been filed against Hawaiian Electric claiming a downed power line on Maui caused the fire, NBC news and other outlets reported.
The scrutiny caused Wells Fargo (WFC.N) and Morningstar to cut their price targets for Hawaiian Electric.
Morningstar strategist Andrew Bischof said he was lowering his fair value estimate for Hawaiian Electric Industries to $23 per share from $34 due to the reports.
Persons:
Mike Blake, Wells, Morningstar, Andrew Bischof, Wells Fargo, Shreyashi Sanyal, Michelle Price, Lisa Shumaker
Organizations:
REUTERS, Hawaiian Electric Industries, Washington Post, Maui Electric, Hawaiian Electric, NBC, Reuters, Morningstar, Thomson
Locations:
Kula, Maui, Hawaii, U.S, Lahaina, Bengaluru