UBS Downgrades Con Edison to “Sell” on Regulatory Concerns (ED)
Regional utility company Consolidated Edison, Inc. (ED) saw its rating downgraded by UBS analysts on Tuesday because of a concern of New York politics leading to regulatory interference.
UBS analysts downgraded ED from “Neutral” to “Sell” and see shares reaching $53. This target suggests a -5% downside to Monday’s closing price of $55.74.
Con Edison shares were flat during premarket trading on Tuesday. The stock is down -5.81% over the past year.
The Bottom Line
Shares of Con Edison (ED) have a 4.34% dividend yield, based on last night’s closing stock price of $55.74. 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