BofA raised the firm’s price target on Consolidated Edison (ED) to $104 from $99 and keeps an Underperform rating on the shares following Q4 results. Financing needs stay elevated and Consolidated Edison’s Feb. 23 forward sale of 7M shares adds flexibility with settlement allowed through Dec. 31, BofA told investors. The firm added that the boosted price target incorporates higher electric and gas peer multiples.
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