Edison International (EIX) PT Raised to $88 at Evercore ISI

Evercore ISI analyst Durgesh Chopra raised the price target on Edison International (NYSE: EIX) to $88.00 (from $82.00) while maintaining a Outperform rating.

The analyst comments "Today, we hosted an NDR with Edison International management in Boston. In attendance were CFO Maria Riggati and VP of Investor Relations Sam Ramraj. We continue to feel constructive about the EIX story for a number of reasons: 1) we believe the Company is set up well for a reasonable General Rate Case (GRC) outcome that would provide a significant boost in earnings; 2) we think there is a possibility of a TKM settlement coming, which would represent upside to the plan, and in our view, set a good precedent for the upcoming Woolsey filing; 3) load growth in EIX’s service territory is materializing more quickly than expected, presenting opportunities for reprioritization of capital in the GRC but more importantly incremental investment over the planning period to be recovered in standalone applications; 4) there are additional incremental capital opportunities on the horizon with an upcoming NextGen ERP filing later this year and the AMI 2.0 application expected to be filed in 2025; and 5) EIX has demonstrated successful wildfire mitigation amidst a tough wildfire season, where the Company has thus far only filed one Electric Incident Report for the small Pauba fire. Separately, on our trip, we learned that EIX does not expect any material damage from the 4.4-magnitude earthquake that hit Los Angeles County earlier this week. We maintain our Outperform rating and are raising our target price to $88 from $82 previously."

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