Wells Fargo Upgrades Edison International (EIX) to Outperform; Raising Estimates & PT

Wells Fargo upgraded Edison International (NYSE: EIX) to Outperform, price target range raised from $42-44 to $48-49.

Wells analyst said, "Our upgrade is prompted by our recent assumption of coverage of EIX. After conducting a thorough review we reached the conclusion that shares offer investors an attractive risk/reward proposition...We are now excluding Edison Mission Group from our EPS estimates. Our 2012E and 1203E EPS are $3.40 and $3.30 vs. $2.46 and $2.32 previously. In addition, we are establishing a 2014E EPS of $3.50. In our view, shares are attractively valued trading at 8% P/E multiple discounts to Regulated peers on our 2013E and 2014E EPS."

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 $41.71 yesterday.

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