UPDATE: Jefferies Downgrades Edison International to Underperform on Regulatory Delay Concerns

Jefferies downgraded Edison International

from Hold to Underperform and lowered the price target from $48.50 to $40.50. Jefferies noted, "We are downgrading Edison International to Underperform based on concerns that the NRC will significantly delay the restart of San Onofre Unit 2 and may find SCE at fault in their investigation into the completeness and accuracy of information that SCE provided to the NRC regarding the SONGS steam generators. These new developments heighten the company's exposure to regulatory disallowances in the CPUC regulatory investigation." Edison International closed at $47.64 on Wednesday.