UPDATE: ISI Group Lowers PT on Edison International Following Q1 Earnings Call

In a report published Wednesday, ISI Group analyst Greg Gordon reiterated a Neutral rating on Edison International

, but lowered the price target from $54.00 to $52.00. In the report, Gordon noted, “Given that resources in Southern California are expected to be adequate during the peak demand season, that the timeline for the Unit 2 restart approval will likely extend into the summer, and that Sen. Boxer may seek to slow the restart process, we think that the odds of a voluntary shut-down are now modestly higher. On the Q1 earnings call EIX CEO Ted Craver indicated that “without a restart of unit 2, a decision to retire one or both units would likely be made before year-end 2013.” Craver also indicated that EIX would not ‘underwrite' the cost of the SONGS outage indefinitely without some certainty on cost recovery from the CPUC.” Edison International closed on Tuesday at $49.39.