Citi Upgrades Consolidated Edison Inc (ED) to Buy
ED Hot Sheet
Rating Summary:0 Buy, 1 Hold, 7 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 16 | Down: 7 | New: 23
Citi upgrades Consolidated Edison Inc (NYSE: ED) from Hold to Buy. Price target increased from $39.25 to $42.
Citi analyst says, "In the short run the stock's upside may be limited by the overhang of ED needing to issue $440mm of equity in 2009 (our estimate) to fund the capital spending in its rate plan. Once that overhang is lifted we see upside to our target price in the shares, and limited downside."
Consolidated Edison, Inc. (Con Edison) is the holding company of Consolidated Edison Company of New York, Inc. (Con Edison of New York) and Orange and Rockland Utilities, Inc. (O&R), both of which are regulated utilities.
Citi analyst says, "In the short run the stock's upside may be limited by the overhang of ED needing to issue $440mm of equity in 2009 (our estimate) to fund the capital spending in its rate plan. Once that overhang is lifted we see upside to our target price in the shares, and limited downside."
Consolidated Edison, Inc. (Con Edison) is the holding company of Consolidated Edison Company of New York, Inc. (Con Edison of New York) and Orange and Rockland Utilities, Inc. (O&R), both of which are regulated utilities.
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