UPDATE: 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 $90.00 (from $87.00).

The analyst comments "We are upgrading ED to Buy from Neutral based on higher earnings power following the recent rate filing. On Friday CECONY filed its much-awaited electric and gas rate case that contained greater capex and rate base forecasts than what we were originally forecasting. The driver for the increased spending is the necessary infrastructure required to meet both NY State and City clean energy ambitions. Even taking a conservative view on increased equity needs, we see earnings growth greater than current guidance of 4-6% and increased our 2023-24 EPS estimates. Even discounting the NY jurisdiction by 5% we continue to see the stock attractive and update our PT based on current market multiples."

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 $84.63 yesterday.

You May Also Be Interested In

• JD.com (JD) Reiterated at Buy by Benchmark Amid Earnings Recovery
• BofA Securities Resumes American Eagle Outfitters (AEO) at Underperform
• Freedom Broker Upgrades Serve Robotics (SERV) to Buy