Market Overview

UPDATE: Jefferies Downgrades Consolidated Edison on Lowered Estimates, Retail Margin Reduction

Share:
Related ED
Mid-Day Market Update: Noodles & Co Slips On Downbeat Results; inContact Shares Climb
Earnings Scheduled For February 19, 2015
Black Hills Gets Green Signal for Electric Rate Increase - Analyst Blog (Zacks)

In a report published Wednesday, Jefferies analyst Paul B. Fremont downgraded the rating on Consolidated Edison (NYSE: ED) from Buy to Hold, and lowered the price target from $67.00 to $58.00.

In the report, Jefferies noted, “We are downgrading Con Edison to Hold from Buy due to lower estimates that are predicated on a reduction in retail margins at the company's unregulated business (Con Ed Solutions). Additionally we believe parties involved in the current electric, gas and steam rate filing will be unable to reach a settlement agreement, which could put further downward pressure on the company's earnings.”

Consolidated Edison closed on Tuesday at $55.90.

Latest Ratings for ED

DateFirmActionFromTo
Feb 2015JefferiesMaintainsHold
Feb 2015BarclaysMaintainsEqual-weight
Jan 2015Evercore PartnersDowngradesHoldSell

View More Analyst Ratings for ED
View the Latest Analyst Ratings

Posted-In: Jefferies Paul B. FremontAnalyst Color Downgrades Analyst Ratings

 

Related Articles (ED)

Around the Web, We're Loving...

Get Benzinga's Newsletters

Our Experts vs. S&P 500Powered by Benzinga
Marketfy Products Return S&P 500
Morning Profit Maker 42.72% 6.69%
The Option Prophet 91.14% 6.69%
SecretCaps 26.55% 6.69%
Short-Term Trend Trading 11.89% 6.69%
View the highest rated products→