UBS Downgrades Con Edison to "Sell" on Regulatory Concerns (ED)

UBS Downgrades Con Edison to “Sell” on Regulatory Concerns (ED)

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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.

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