UBS lowered the firm’s price target on Edison International (EIX) to $66 from $68 and keeps a Buy rating on the shares. The firm says that the reports of work continuing on investment securitization legislation, which could also include a wildfire amendment consistent with concepts of Governor Newsom’s proposal “California Lawmakers Reach Initial Agreement on Wildfire Fund” would be positive for the stock, though UBS is revising its price target lower to reflect the recent change in the Utility group average multiple, the analyst tells investors in a research note.
Claim 55% Off TipRanks
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on EIX:
- California to add $18B to wildfire utility fund, Bloomberg says
- Edison International jumps 1% to $55.36 after Bloomberg report on fire fund
- U.S. sues SCE over 2022 wildfire, Reuters reports
- Edison International down 1% after report of U.S. suit over 2022 wildfire
- Edison International price target raised to $55 from $54 at Morgan Stanley