Credit Suisse reduced its rating on Consolidated Edison ED from Neutral to Underperform with a $60 price target.
Credit Suisse noted, "Given the ROE risk associated with the anticipated CECONY rate case likely to be filed later this quarter and ED's premium valuation compared to large cap peers, we believe an Underperform rating is more appropriate for the revised framework. … ED's dividend yield of 4.0% is also below the group average of 4.4%. ED offers an annualized rate of return of 5.8%, which is amongst the lowest in the group even assuming a large cap premium multiple."
Consolidated Edison closed at $59.48 on Monday.
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