Mizuho Securities Upgrades Consolidated Edison (ED) to Buy

Mizuho Securities analyst Anthony Crowdell upgraded Consolidated Edison (NYSE: ED) from Neutral to Buy with a price target of $98.00 (from $93.00).

The analyst comments "We are upgrading ED to Buy from Neutral based on valuation and the potential for a period of regulatory certainty. The stock trades at a 3% discount on our conservative estimates that assume CECONY is able to earn its allowed return of 8.8% on a 50% equity layer in the recently settled three-year joint proposal (JP). We expect the JP to be approved in December which will provide regulatory certainty for three years protecting the utility from further ROE degradation."

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 $94.29 yesterday.

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