Consolidated Edison (ED) PT Raised to $95 at Mizuho

Mizuho analyst Anthony Crowdell raised the price target on Consolidated Edison (NYSE: ED) to $95.00 (from $93.00) while maintaining a Neutral rating.

The analyst commented: "On Friday after the close, NYPSC Staff recommended a 9.5% ROE and 48% equity layer and revenue reduction of $38m /$20m for subsidiary O&R's electric and gas rate case. With this note we are also lowering our 2024E estimates by ~$0.17/share for the disallowance of recovery associated with the cost overruns for CECONY's computer information system. We believe O&R will look to reach a settlement with Staff in late 3Q24, and note that gas utilities in NYS have recently reached constructive settlements with Staff and intervenors and O&R should be no different. We continue to see balanced risk-reward for shares of ED and remain Neutral-rated and increase our PT to $95 on latest multiples."

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