Consolidated Edison (ED) PT Raised to $113 at Jefferies

Jefferies analyst Julien Dumoulin-Smith raised the price target on Consolidated Edison (NYSE: ED) to $113.00 (from $108.00) while maintaining a Hold rating.

The analyst comments "We believe ROE mark-to-market in the pending CECONY rate case vs. current 9.25% will allow ED to achieve the midpoint of 6-7% EPS growth guidance through 2029, while Consensus remains below at 5.5%. We are more positive, especially in this defensive tape, but the large rate case ask gives us pause on being more constructive. Our 6.2% EPS CAGR through 2029 reflects lower capex assumptions, in-line with historical decisions."

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