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UPDATE: Jefferies Downgrades Edison International to Hold on Valuation

Related EIX
Edison International Tops Q2 Earnings on Solid Utility Sales
Earnings Scheduled For July 31, 2014

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.

Posted-In: JefferiesAnalyst Color Downgrades Intraday Update Analyst Ratings

 

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