Consolidated Edison upgraded to Outperform from Neutral at Mizuho

Mizuho analyst Anthony Crowdell upgraded Consolidated Edison (ED) to Outperform from Neutral with a price target of $107, up from $105. Shares have been lagging the Utility group over the past three months and the firm views the recent selloff as one that represents “a compelling opportunity” for “a quintessential premium utility.” With a Democratic Socialist winning the New York City Mayoral primary last week, the firm believes investor concerns are “misplaced” on the impact this could have on Con Ed’s earnings, telling investors that NYC is “just” an intervenor in NYS regulation and has no impact on the utility regulators or the formulaic approach to ROE.