UPDATE: Citi Raises Edison International's PT

According to a research report published earlier today, Citi has increased Edison International's

PT from $47 to $48. In the report, Citi commented, “We are lifting our 2012-14 core operating EPS estimates to $2.94/2.84/3.29 per share, from $2.51/2.29/2.64 per share. The lift to our estimates was mostly driven by the removal of Homer City from our model given the company's intent to hand the plant over to GE, the owner/lessor. Homer City was a significant EPS drag given currently low dark spread economics so its removal from continuing operations helps the valuation optics, even if most utility investors find this unsurprising. We also updated our model following 4Q11 earnings and marked our numbers to market using the commodity curve as of 3/28/12.” Citi maintains its Buy rating on Edison International, which closed yesterday at $42.61.