UPDATE: Jefferies Downgrades Consolidated Edison on Lowered Estimates, Retail Margin Reduction
In a report published Wednesday, Jefferies analyst Paul B. Fremont downgraded the rating on Consolidated Edison (NYSE: ED) from Buy to Hold, and lowered the price target from $67.00 to $58.00.
In the report, Jefferies noted, “We are downgrading Con Edison to Hold from Buy due to lower estimates that are predicated on a reduction in retail margins at the company's unregulated business (Con Ed Solutions). Additionally we believe parties involved in the current electric, gas and steam rate filing will be unable to reach a settlement agreement, which could put further downward pressure on the company's earnings.”
Consolidated Edison closed on Tuesday at $55.90.
Latest Ratings for ED
|Jan 2017||Credit Suisse||Initiates Coverage On||Underperform|
|Oct 2016||Deutsche Bank||Upgrades||Sell||Hold|
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.