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UPDATE: Jefferies Downgrades Consolidated Edison on Lowered Estimates, Retail Margin Reduction

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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

DateFirmActionFromTo
Jan 2017Credit SuisseInitiates Coverage OnUnderperform
Oct 2016Deutsche BankUpgradesSellHold
Oct 2016CitigroupMaintainsNeutral

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Posted-In: Jefferies Paul B. FremontAnalyst Color Downgrades Analyst Ratings

 

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