Wells Fargo Upgrades Edison International (EIX) to Overweight

Wells Fargo analyst Neil Kalton upgraded Edison International (NYSE: EIX) from Equal Weight to Overweight with a price target of $86.00.

The analyst comments "We upgrade EIX to OW and increase our SOTP-based PT to $86/sh from $72. We like the set-up heading into final resolution of the '25 GRC and TKM wildfire recovery proceedings. Constructive outcomes could catalyze shares over the next 6-12 months. Last week, we hosted investor meetings with CFO Maria Rigatti. The trip compelled us to reconsider our thesis in light of important pending regulatory outcomes, which, if resolved constructively, could lead to upward EPS revisions. These include, most significantly, the $2.4B TKM Cost Recovery filing along with the '25-28 GRC. As detailed below, we now factor in 50% recovery of planned CPUC '17/18 wildfire cost recovery requests (vs. 25% previously)."

For an analyst ratings summary and ratings history on Edison International click here. For more ratings news on Edison International click here.

Shares of Edison International closed at $74.44 yesterday.

You May Also Be Interested In

• Northland Upgrades Hyliion Holdings (HYLN) to Outperform 'on Improved Visibility to KARNO Commercialization'
• JPMorgan Upgrades Akamai Technologies (AKAM) to Neutral 'on Account of Confidence in Revenue Reacceleration'
• Wolfe Research Upgrades Abbvie (ABBV) to Outperform