Jefferies Maintains a 'Buy' on Edison International (EIX); 1Q11 EPS of $0.62; Maintain Estimates

Jefferies maintains a 'Buy' on Edison International (NYSE: EIX), PT upped $1 to $44.50.

Jefferies analyst says, "We believe that EIX is undervalued, trading at the 12% discount to the average T&D P/E multiple based on our estimated stand-alone utility value of about $44.50. We do not assign any value to the merchant business. Absent a material downward adjustment in the utility's ROE, EIX valuation looks very attractive compared to other merchant names."

"We are maintaining our 2011 EPS estimate of $2.75...We are maintaining our 2012 and 2013 EPS estimates of $2.35 and $2.60, respectively."

For more ratings news on Edison International click here and for the rating history of Edison International click here.

Shares of Edison International closed at $39.25 yesterday.

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