BofA raised the firm’s price target on Consolidated Edison (ED) to $99 from $96 and keeps an Underperform rating on the shares. The firm views the risk/reward as “skewed to the downside vs peers” after the NYPSC unanimously approved the joint proposal of CECONY’s three-year electric and gas rate plan for 2026-2028. While the settlement provides near-term visibility, the firm sees limited incremental catalysts to drive Con Ed beyond its 5-7% long-term EPS growth guidance amid rising affordability policies, the analyst tells investors.
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