Jefferies Downgrades Consolidated Edison (ED) to Underperform

Jefferies downgraded Consolidated Edison (NYSE: ED) from Hold to Underperform with a price target of $51 (down from $56.50).

The firm comments, "We view Con Edison as an expensive transmission and distribution utility with an average dividend yield. The stock is currently trading at a 23% premium versus the UTY index compared with a 10-year average of 6.2%. Additionally the stock pays a yield of 4.0%, which is the average yield for regulated utility stocks."

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 $59.64 yesterday.

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