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On Monday, UBS analysts reiterated their Neutral rating for Consolidated Edison (NYSE:ED) stock, keeping the price target steady at $112.00. The $37.5 billion utility company, currently trading at $104.22, sits between analysts’ targets ranging from $90 to $128. The decision follows a review of the New York Public Service Commission Staff’s recommendation in the CECONY electric and gas rate case.
The analysts noted that the allowed return on equity (ROE) appears to be higher than what the New York regulatory model recently suggested. While they observed that the revenue increase seemed minimal, InvestingPro data shows the company’s impressive track record of raising dividends for 50 consecutive years, with a current yield of 3.25%.
Consolidated Edison, which trades on the New York Stock Exchange under the ticker NYSE: ED, is closely watched by investors due to its significant role in the utility sector. The company’s financial performance is influenced by regulatory decisions such as the recent rate case.
UBS analysts continue to monitor the developments in the regulatory environment, which could impact Consolidated Edison’s financial outlook. The Neutral rating reflects a balanced view of the company’s prospects given the current regulatory and market conditions.
In other recent news, Consolidated Edison has reported several noteworthy developments. The company announced an agreement with Barclays (LON:BARC) Capital Inc. for the sale of 6.3 million common shares, according to a recent SEC filing. The specifics of how the proceeds from this sale will be utilized were not disclosed. In terms of financial analysis, BofA Securities has increased its price target for Consolidated Edison to $113, maintaining a Buy rating, citing consistency in earnings per share (EPS) estimates from 2025 through 2027. Meanwhile, Jefferies also raised its price target to $113 but maintained a Hold rating, reflecting a positive view on the company’s earnings potential amid ongoing regulatory proceedings. Both analysts highlighted the significance of the current rate case for Consolidated Edison Company of New York (CECONY), which could impact the company’s financial outlook. BofA and Jefferies noted the potential for Consolidated Edison to achieve its EPS growth guidance of 6-7% through 2029. These updates provide insight into the company’s financial strategies and regulatory challenges.
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