Market Overview

Jefferies Raises PT On ED To $56


Jefferies has raised its price target on Consolidated Edison (NYSE: ED) from $53.50 to $56 after the company posted earnings inline with predictions.

According to Jefferies, “Con Ed posted in-line 1Q11 operating earnings of $0.99 per share. The company reaffirmed 2011 guidance of $3.45-$3.65. Con Edison reported 1Q11 ongoing EPS of $0.99 versus $0.93 last year, consensus of $1.00, and our estimate of $1.00… Con Ed's gross margin improved by 4.5% to $1,969 million during the first quarter of 2011. The main driver was new rates at Con Edison of New York, which management estimates to contribute $0.16 to the quarterly improvement. All three business units at Con Ed of New York, steam, electric and gas have new rate plans that benefited the quarter.”

Jefferies maintains its Hold rating on the stock.

ED closed on Friday at $53.10.


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