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

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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
Jun 2015Mizuho SecuritiesInitiates Coverage onNeutral
Jun 2015Evercore PartnersUpgradesSellHold
May 2015BarclaysMaintainsEqual-weight

View More Analyst Ratings for ED
View the Latest Analyst Ratings

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

 

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