UPDATE: Jefferies Reiterates Underperform Rating, Lowers PT on Edison International on Lowered 2015 EPS Estimate

In a report published Monday, Jefferies analyst Paul B. Fremont reiterated an Underperform rating on

, but lowered the price target from $43.00 to $40.50. In the report, Jefferies noted, “Jefferies is projecting roughly 100 basis points of downside exposure in a final FERC decision on transmission return on equity in a proceeding initiated by the company in 2011. Assuming a final decision in the proceeding sometime next year, we are lowering our 2015 EPS estimate by $0.15 to $3.25 to reflect a lower assumed FERC ROE.” Edison International closed on Friday at $46.27.