UPDATE: UBS Investment Research Reiterates Neutral Rating, Raises PT on Edison International Following Raised Guidance

In a report published Friday, UBS Investment Research analyst Julien Dumoulin-Smith reiterated a Neutral rating on

, and raised the price target from $47.00 to $49.00. In the report, UBS Investment Research noted, “Rate base guidance was slightly higher than our estimates after adjusting for SONGS, primarily driven by higher capex figures (~$4-4.2Bn/yr). The Company revealed on the call that ~$700M in bonus D&A was trued-up in 2015 as part of the 2015 GRC, impeding ratebase growth in its projections (results in ratebase modestly below Street expectations). Mgmt's overall CAGR through '17 of 7-9% remains impressive despite the headwinds.” Edison International closed on Thursday at $49.90.