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 $92.00) while maintaining a Neutral rating.

The analyst commented: "After the close, ED filed their CECONY electric and gas multi-year rate case Docket (2025E-0072) with the NYS DPS. The rate filing requests an ROE of 10.10% and 48% equity layer, and incremental revenues of $3.4B, equating to ~12% rate increase for electric customers and ~13% increase for gas customers. The request also increases the CECONY rate base CAGR from 6.5% to ~7% (see math in Exhibit 1), assuming all capital gets approved in their filing. We look for incremental color on financing of the updated rate base and believe we should see Staff testimony around Memorial Day weekend, consistent with prior rate filings. We remain Neutral on shares of ED, as the name trades at ~5% PE discount on our revised estimates and see fair risk-reward for shares at these levels. PT increased to $95 on recent multiples."

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