Edison International downgraded to Hold at Jefferies on higher risk profile

Jefferies downgraded Edison International (EIX) to Hold from Buy with a price target of $57, down from $70. With higher percentage wildfire risk seen for Edison than for peer PG&E (PCG), a slower growth profile, and Eaton Fire liability exposure, the firm does not see Edison shares offering a “compelling risk/reward,” the analyst tells investors. A 6% dividend yield is “favorable,” but not enough to compensate for the higher risk profile, the analyst argues.