Jefferies Upgrades Consolidated Edison (ED) to Buy
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Jefferies upgraded Consolidated Edison (NYSE: ED) from Hold to Buy with a price target of $82.00 (from $80.00).
Analyst Anthony Crowdell commented, "We are upgrading Con Edison to Buy from Hold based on valuation. The stock is trading at a group average multiple and has historically traded at a 5%-15% premium to other regulated utilities. We believe the company will announce the details of a previously announced rate settlement based on a 9.0% ROE and view the April 2016 Stagecoach pipeline JV as a placeholder for future growth."
Shares of Consolidated Edison closed at $73.23 yesterday.
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