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Research Alert: CFRA Maintains Sell Opinion On Shares Of Consolidated Edison

05/07/2021 11:47

03:45 PM EDT, 05/07/2021 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We lift our 12-month target price to $66 from $61, a 15.3x multiple of our 2021 EPS estimate, a discount to peers. We lift our 2021 EPS estimate to $4.32 from $4.30 and maintain our 2022 estimate of $4.56. ED posts Q1 EPS of $1.44 vs. $1.35, beating the S&P Capital IQ consensus estimate by $0.08 driven by higher electric and gas net base revenues at the CECONY segment resulting from rate increases in January 2021, as well as lower unrealized losses on interest rate swaps in the Clean Energy segment. We anticipate growth in commercial and industrial volumes throughout the year, offset by a reduction in residential, as the vaccine roll-out continues.