Jefferies Maintains a 'Hold' on Consolidated Edison (ED); Fine-Tuning Estimates

Jefferies maintains a 'Hold' on Consolidated Edison (NYSE: ED) price target raised $2 to $56.50.

Jefferies analyst says, "We are increasing our 3Q11 EPS estimate by $0.05 to $1.30 due to the anticipated benefit from new electric rates ($0.20). Offsetting the benefit of new rates are higher O&M ($0.09), greater property taxes and depreciation ($0.08), lower earnings at the competitive businesses ($0.03) and Other ($0.02). We are maintaining our 2011 and 2012 EPS estimate of $3.50 and $3.65, respectively. Our 2011 estimate is within the company’s ongoing guidance range of $3.45-$3.65. We are maintaining our 2013 EPS estimate of $3.85."

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

Shares of Consolidated Edison closed at $56.66 yesterday.

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