Jefferies Lifts Price Target on Edison Int’l (EIX)

May 4, 2012 10:03 AM EDT
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Jefferies analysts raised their price target on Edison Int’l (EIX: NYSE) from $48 to $49, while maintaining their BUY rating on the energy company. They also lowered 2012 EPS estimates $0.10 to $$2.75 for 2012.

First quarter earnings were significantly below consensus (35c vs. 49c). The weak quarter reflects lower volume and prices in the Midwest.

In a company note, a Jefferies analyst said, “Our price target of $49.00 per share reflects SCE regulated business value based on 2013 13.8x average T&D multiple and assumed normalized utility earnings of $3.47 and estimated $0.15 of loss at the holding company level. We do not assign any value to the merchant business. Based on yesterday's closing price for Edison of $43.72, this represents 12-month price appreciation and total return potential of 12.1% and 15.1%, respectively, including the company's current yield of 3.0%.”

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

Shares of Edison International closed at $43.72 yesterday.

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