Jefferies Boosts Price Target on Consolidated Edison Following Q1 Earnings (ED)
Following strong first quarter earnings from Consolidated Edison, Inc. (ED), analysts at Jefferies raised the price target on the utility company.
The analysts now see shares reaching $68 to $70.50. This new target range suggests an 8% to 12% upside to Monday’s closing price of $62.72.
Jefferies analyst Paul Fremont commented, “ED reported strong 1Q13 results driven by higher revenue associated with their rate plans and also a return to more normal weather which benefited ED’s steam business. Management reaffirmed 2013 guidance and we believe the stock, trading at a group average multiple, will return to its historical 5-15% premium once the regulatory uncertainty is removed. Jefferies believe the company may be able to reach a settlement in June/July.”
Con Edison shares were up 32 cents, or +0.51%, during morning trading on Tuesday. The stock is up +13.61% year-to-date.
The Bottom Line
Shares of Consolidated Edison (ED) have a dividend yield of 3.90% based on Tuesday’s intraday trading price of $63.03 and the company’s annualized dividend payout of $2.46 per share.
Consolidated Edison, Inc. (ED) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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