Consolidated Edison price target raised to $77 from $70 at KeyBanc

KeyBanc raised the firm’s price target on Consolidated Edison to $77 from $70 and keeps an Underweight rating on the shares. While the recent CECONY rate case settlements were better than the firm’s expectations, KeyBanc believes Consolidated Edison lacks any near-term catalyst and has limited growth opportunities. It views the current premium to peers as unwarranted and should result in pressure on the valuation given the political backdrop in NY, especially if investors seek higher growth opportunities.