Argus lowered the firm’s price target on Consolidated Edison to $93 from $104 but keeps a Buy rating on the shares. The company is benefiting from tax credits, higher ROE, and higher rates as well as from lower wholesale energy and natural gas costs, but the firm’s reduced price target reflects the broader Utility sector weakness, the analyst tells investors in a research note. Argus adds however that Consolidated Edison shares are attractively valued at 16.6-times its 2023 EPS estimate, below the trailing five-year average of 18.8-times.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on ED:
- Consolidated Edison price target raised to $75 from $73 at Morgan Stanley
- Consolidated Edison price target lowered to $92 from $97 at RBC Capital
- Consolidated Edison price target lowered to $89 from $95 at Mizuho
- Consolidated Edison initiated with an Equal Weight at Barclays
- Consolidated Edison price target lowered to $96 from $103 at BofA