Jefferies Boosts Price Target on Consolidated Edison Following Q1 Earnings (ED)

Jefferies Boosts Price Target on Consolidated Edison Following Q1 Earnings (ED)

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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.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

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