Wells Fargo lowered the firm’s price target on Consolidated Edison (ED) to $95 from $99 and keeps an Equal Weight rating on the shares. The firm notes Consolidated Edison’s pullback coincides with improved earnings visibility under CECONY’s 3-YR settlement. Despite this, Wells still does not see a strong near-term catalyst to re-rate shares materially higher than its Overweight calls, but it could seek another entry point in time.
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Read More on ED:
- TD Cowen starts Consolidated Edison at Hold, says defensive won’t be rewarded
- Consolidated Edison initiated with a Hold at TD Cowen
- Consolidated Edison price target raised to $105 from $104 at UBS
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