UPDATE: Bank of America Raises Consolidated Edison's PO

According to a research report published this morning, Bank of America has increased Consolidated Edison's ED PO from $56 to $58. In the report, Bank of America commented, "On 5/3, Consolidated Edison (ED) reported 1Q11 earnings of $1.01, below our $1.08 estimate, mostly due to a $0.07 weather hit at its steam business. ED also affirmed 2012 guidance of $3.65-3.85. We are lowering our 2012E from $3.80 to $3.73 due to weather. We are maintaining our 2013-14E of $3.87/3.97 despite expected lower rate relief, as we now assume no equity issuances through 2014." Bank of America maintains its Underperform rating on Consolidated Edison, which is currently trading at $59.64.