UPDATE: Jefferies Reiterates Buy Rating, 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 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.