UPDATE: Barclays Capital Upgrades Consolidated Edison on Multiple Positive Factors
In a report published Tuesday, Barclays Capital analyst Daniel Ford upgraded the rating on Consolidated Edison (NYSE: ED) from Equal-Weight to Overweight, and reiterated the $62.00 price target.
In the report, Barclays Capital noted, “We are upgrading ED to an Overweight from Equal Weight based on its relative value and above-average yield to the regulated utility group and its 15.8% total return potential: Our price target is $62, and this is predicated on '15E of $3.90 on a 15.0x regulated group multiple with a 6% large-cap premium that we believe is warranted in light of Con Edison NY's (CECONY) rate base growth and long-term rate plan settlement that was approved by the NY Public Service Commission last week, retroactive to January 1, 2013.”
Consolidated Edison closed on Monday at $55.75.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.