Con Ed upped at Guggenheim as New York rate case testimony removes major risk

Con Ed upped at Guggenheim as New York rate case testimony removes major risk (NYSE:ED)

May 23, 2022 by Seeking Alpha

Key Facts

  • posteriori/E+ via Getty Images Consolidated Edison (NYSE:ED) +2.2% in Monday's trading as Guggenheim upgrades shares to Neutral from Sell with a $94 price target, raised from $80, saying last week's CECONY rate case testimony "sets a floor for rate case outcomes above expectations."
  • Intervenor testimony posted last Friday in the CECONY rate case "marks inflection on regulatory support for capex and broader," and "most importantly, NYSPC staff has produced a generally constructive recommendation on rate base and revenue requirement," the Guggenheim team writes.
  • The firm says its previous Sell rating was "premised on the rate case risks and ability to achieve regulated ROEs, with the staff testimony effectively setting a floor in the regulatory bid-ask above our prior expectations."
  • Consolidated Edison (ED) shares have jumped 15% YTD, above the fair value of the company, Nicoper Research writes in a bearish analysis published on Seeking Alpha.

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