Edison International upgraded to Outperform from In Line at Evercore ISI

Evercore ISI upgraded Edison International (EIX) to Outperform from In Line with a price target of $68, down from $74. Edison is “almost entirely” a T&D utility with just electric exposure, unlike peers PG&E (PCG) and Entergy (ETR), which have generation assets and gas operations, the analyst tells investors. The firm thinks investors do not like all the uncertainties at these utilities and will prefer companies for which they feel they can better predict linear earnings, cash flow and dividend growth, the analyst added. The firm also prefers Edison because, since the wildfires and mudslides it experienced in 2017-2018, the company has not had any catastrophic ones within its territory, unlike these peers.