Jefferies Maintains Hold, Comments on Consolidated Edison (ED)

August 6, 2012 9:10 AM EDT
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Price: $72.73 -0.32%

Rating Summary:
    1 Buy, 10 Hold, 7 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 18 | Down: 17 | New: 10
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Analysts at Jefferies maintained a Hold rating on Consolidated Edison (NYSE: ED) and lifted their price target to $65.00 (from $64.00).

"Con Edison reported 2Q12 ongoing diluted EPS of $0.61 versus $0.57 last year,
consensus of $0.59, and our estimate of $0.60. In November 2012 the company
plans to file for an electric, gas and steam rate increase with the New York PSC," said Paul Fremont, an equity analyst at Jefferies.

"Last month Con Edison development purchased a company that is developing 70 MW of solar energy projects in California for $266 million. The project has a long-term PPA with Pacific Gas and Electric Company and is expected to begin service during 4Q12. Jefferies assumes that the solar project contributes approximately $0.07 to annual EPS beginning in 2013."

"We are increasing our 2013 and 2014 EPS estimates by $0.10 to $3.85 and $4.00, respectively, due to the estimated contribution from Con Ed Developmentā€™s new solar facility," added Fremont.

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 $64.66 yesterday.

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