Jefferies Lifts PT on Consolidated Edison (ED) Post Q1, Sees 12% Upside

May 7, 2013 9:00 AM EDT
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Price: $62.15 -0.1%

Rating Summary:
    0 Buy, 10 Hold, 8 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 35 | Down: 25 | New: 13
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Jefferies raised its price target on Consolidated Edison (NYSE: ED) from $68 to $70.50 following strong Q1 results.

Analyst Paul B. Fremont comments, "ED reported strong 1Q13 results driven by higher revenue associated with their rate plans and also a return to more normal weather which benefited ED's steam business. Management reaffirmed 2013 guidance and we believe the stock, trading at a group average multiple, will return to its historical 5-15% premium once the regulatory uncertainty is removed. Jefferies believe the company may be able to reach a settlement in June/July."

For an analyst ratings summary and ratings history on Consolidated Edison click here. For more ratings news on Consolidated Edison click here.

Shares of Consolidated Edison closed at $62.72 yesterday.

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