UPDATE: Jefferies Raises PT on Consolidated Edison on Lower Expected ROE
In a report published Thursday, Jefferies analyst Paul B. Fremont reiterated a Buy rating on Consolidated Edison (NYSE: ED), and raised the price target from $63.50 to $68.00.
In the report, Fremont noted, “Following an update of our forecast model, we are lowering our 2014-15 EPS estimates due to a lower assumed ROE in the upcoming rate case and a lower contribution from the company's unregulated businesses. Our revised estimate assumes CECONY earns a 9.3% ROE versus our previous estimate of 9.5%.”
Consolidated Edison closed on Wednesday at $61.34.
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