UPDATE: Jefferies Upgrades Consolidated Edison to Buy on Relative Valuation

Jefferies upgraded Consolidated Edison ED from Hold to Buy and maintained a $62.00 price target. Jefferies commented, "With Con Ed currently trading at a group average P/E multiple we believe the stock will return to its historical premium of 5-15% following the outcome of the company's rate filing expected later this year. Con Ed is currently trading at a group average multiple even though it pays an above average yield and has several regulatory clauses that protect investors from declining demand, pension expense and commodities." Consolidated Edison closed at $55.34 on Tuesday.