Consolidated Edison (ED) PT Raised to $110 at Barclays

Barclays analyst Nicholas Campanella raised the price target on Consolidated Edison (NYSE: ED) to $110.00 (from $100.00) while maintaining a Underweight rating.

The analyst comments "We saw this as an positive update for ED, noting that the company hit the high-end of the 2025 EPS guidance range posting $5.70 vs. guidance range of $5.60-$5.70, largely driven by EAMs for 2025 of ~$50mn. ED provided FY26 EPS guidance of $6.00-$6.20 vs. $6.01 Barclays estimate and $6.03 BBG Consensus. The company reaffirmed the current 6-7% EPS growth CAGR guidance rolling the plan forward through 2030, and on the new plan our estimates are now above consensus 2026-2030. ED has been hitting numbers consistently since 2021 where we note on average management has beat the midpoint of guidance by 2.6% and while navigating various regulatory proceedings. ED's growth is still lower than the sector average by 150bps where we see our new estimates pointing to a 6.3% CAGR through 2030, off the $6.10 midpoint. We see this as a clearly positive update but also acknowledge shares have outperformed since December and JP approval, now trading at a 5% discount to large caps on 2028. The lower growth rate vs. sector average, recent outperformance into the release and reaffimation of at least $1bn of equity in 2026 we mostly think explains shares negative -237bps spread to XLU the day after the print (2/20). We are maintaining our Underweight rating as we continue to prefer higher growth, vertically integrated business models."

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