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Jefferies Maintains 2011, 2012 Estimates On ED

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Jefferies is maintaining its 2011 and 2012 EPS estimates on Consolidated Edison (NYSE: ED).

“We are maintaining our 2011 and 2012 EPS estimate of $3.50 and $3.65, respectively,” Jefferies writes. “The company provided 2011 ongoing guidance to be in the range of $3.45-$3.65. Our 2011 EPS estimate of $3.50 assumes the company earns a 10.15% ROE in CECONY electric business.

“The high end of management's guidance equates to a 10.75% ROE which is also the high end of the earnings band before sharing. Additionally management expects to issue approximately $600 million of debt and sees no need for equity other than the estimated $80 million from the company's DRIP.”

Consolidated Edison closed Friday at $49.87.

 

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