Consolidated Edison Sees Improved Earnings Estimates From Barclays - Consolidated Edison (NYSE:ED)

Barclays raised its earnings estimates on

Consolidated Edison, Inc.ED

. In the report published on Monday, analysts revised the 2016 EPS to $3.99 up from $3.95, the 2017 EPS to $4.09 down from $4.10 and the 2018 EPS to $4.28 up from a previous $4.26.

Barclays increased its price target from $69 to $76, which represents a 5 percent premium assuming a 16.9x regulated utility group P/E and 2018E EPS of $4.28.

"We are fine-tuning our EPS estimates for a 9.25 percent earned ROE at CECONY, closing of the JV with Crestwood Equity Partners LP, recent financings and a $500 million placeholder to settle East Harlem," noted Barclays. Edison provided info on its "Reforming the Energy Vision" implementation plan in the GRC, which includes the following three major aspects: (1) electric vehicle business model solicitation in Q4, (2) a fast charging hub and (3) electric bus pilot.

Market News and Data brought to you by Benzinga APIs