Consolidated Edison (ED) PT Raised to $99 at Guggenheim

Guggenheim analyst Shahriar Pourreza raised the price target on Consolidated Edison (NYSE: ED) to $99.00 (from $96.00) while maintaining a Neutral rating.

The analyst commented: "ED reported 3Q results with a beat vs. consensus, and we caught up with mgmt. shortly after the press release. ED raised the low end of 2024 EPS guidance by $0.10 (to $5.30-5.40). The beat and raise came from more stable weather vs. plan and some advanced visibility on EAMs. 3Q disclosures included progress on O&R settlement (imminent), constructive peak load forecast updates for CECONY and O&R, FERC formula settlements on ROFR, PPTN and CLCPA projects. PPTN projects have all passed the viability stage with further determinations and awards to take place in the back half of 2025. ED disclosures remove the longer term equity needs commentary and returned to prompt year guidance on financing but mgmt. noted the current plan assumptions are unchanged. ED stock valuation remains at a premium to the group for constructive regulatory attributes (i.e., potential for higher ROE at CECONY), but we are mindful of potential tailwinds from an O&R settlement and incremental capex from PPTN, NY Transco and other projects. We remain Neutral, with a $99 PT (up from $96)."

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