Consolidated Edison price target lowered to $85 from $91 at Scotiabank

Scotiabank lowered the firm’s price target on Consolidated Edison to $85 from $91 and keeps an Underperform rating on the shares. Interest rates remain stubbornly high, which has weighed on the sector’s valuation, the analyst tells investors. The firm views both Canadian and North American utility stocks as undervalued but sees upside for Canadian utility stocks following their steady underperformance compared to its U.S. peers. Fundamentally, Scotiabank remains bullish on the group’s long-term earnings outlook given the tailwinds driving its strong rate base growth.