UPDATE: Jefferies Downgrades Edison International to Hold on Valuation

Jefferies lowered its rating on Edison International

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.