Edison International (EIX) PT Lowered to $66 at Mizuho

Mizuho analyst Paul Fremont lowered the price target on Edison International (NYSE: EIX) to $66.00 (from $75.00) while maintaining a Outperform rating.

The analyst commented: "Yesterday afternoon, EIX reported FY24 results. The key focus around EIX (and CA utilities more broadly) remains on fallout from the LA fires earlier this year, and any potential legislative/regulatory solution around the liability associated with the damages. Management walked investors through the current wildfire protections that exist in the state (AB 1054) but was unable to provide a timeline on when we could find out the cause of the Eaton fire. Additionally, investors were looking for insight on when the CA legislature can provide clarity on a replenishment mechanism and liability cap extension, but timing remains uncertain. Overall, we view this update as "to be continued". We reiterate our Outperform rating and update our estimates to reflect current guidance, and adjust our PT to $66 (prev. $75.00) to reflect current multiples and estimates."

You May Also Be Interested In

• Fiserv (FISV) PT Lowered to $60 at Freedom Broker
• Cantor Fitzgerald Reiterates Overweight Rating on Applied Materials (AMAT)
• Freedom Broker Upgrades Serve Robotics (SERV) to Buy