UPDATE: Jefferies Downgrades Edison International to Hold on Valuation
Jefferies lowered its rating on Edison International (NYSE: EIX) from Buy to Hold with a reiterated $51 price target.
Jefferies commented, "We are downgrading Edison International to Hold from Buy based on valuation. Edison (excluding Mission Energy) currently trades at a 7% discount to our 2014 group average regulated utility multiple P/E. Given uncertainty associated with California regulation including the company's general rate case, cost of capital proceeding and San Onofre, we believe Edison should appropriately trade at a utility group average multiple."
Edison International closed at $47.06 on Monday.
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