Jefferies Upgrades Con Edison; “Buy” Rating (ED)
Jefferies reported that they have upgraded utility company, Consolidated Edison, Inc.(ED) to a “Buy” on Wednesday.
The firm has increased their rating on ED from a “Hold” to a “Buy,” and has given the company a $62 price target. This price target suggests a 10% increase from the stock’s current price of $55.57.
Analysts see the stock returning to its previous P/E premium of 5% to 15% after the company’s rate filing later this year. Although the company is trading at the industry average, ED pays above the average yield, protecting investors from a slip in the stock price.
Consolidated Edison shares were mostly flat during premarket trading Wednesday. The stock has declined -6.5% in the past year.
The Bottom Line
Shares of Con Edison (ED) have a 4.37% dividend yield, based on last night’s closing stock price of $55.34. The stock has technical support in the $52-$54 price area. If the shares can firm up, we see overhead resistance around the $58 price level.
Consolidated Edison, Inc.(ED) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.
Get FREE Dividend Tips, Updates & MoreWe respect your privacy
- Powerful dividend insights sent every weekday morning
- Gain instant access to actionable investing tips
- Strategically grow your portfolio’s profitability