Ladenburg upgrades Edison International to Neutral on wildfire selloff

Ladenburg analyst Paul Fremont upgraded Edison International (EIX) to Neutral from Sell with a $56.50 price target The firm cites valuation for the upgrade following the stock’s recent selloff. With Edison trading at a 34% price-to-earnings discount, the stock reflects “reasonable worst-case outcomes “associated with the current California wildfires, the analyst tells investors in a research note. Ladenburg says it is too early to discern what the outcomes will be with respect to the impact of the fires on the California Wildfire Insurance Fund solvency and the future earnings of Edison. An initial assessment of Southern California Edison’s role in the start of the fires will likely not occur until the summer of 2025 at the earliest, contends Ladenburg.