Mizuho Securities Raises Price Target on Consolidated Edison (ED) Following Announced Buy of Solar Interests

Mizuho Securities maintained a Neutral rating on Consolidated Edison (NYSE: ED), and raised the price target to $66.00 (from $64.00), following the announcement that the company is buying additional solar interests in California. Construction is expected to begin at year-end 2015. Although financial terms were not disclosed, analyst James Riesemann expects annual EPS contribution in the range of $0.02-0.05 per share.

Riesemann commented, "ED announced that it is buying additional solar interests in California. Slowly, and quietly, ED has built a considerable position in the renewables portfolio that is helping to deliver EPS growth. Separately, and importantly, with the Fed decision to leave rates unchanged, continued growth, and sector multiple expansion, we raise our price target to $66 per share."

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 $64.51 yesterday.

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