ED - Consolidated Edison's Weather Normalization Eases Steam Business Volatility: Analyst | Benzinga
Mizuho analyst Anthony Crowdell reiterated a Neutral rating on Consolidated Edison, Inc. (NYSE: ED), lowering the price target to $89 from $95.
The company entered into a joint proposal for its steam business. The three-year deal is based on a 9.25% ROE (10.0% ask), a 48% equity ratio (50% ask), and a new weather normalization mechanism, which will help stabilize ED's earnings, notes the analyst.
Most importantly, ED included a weather normalization mechanism, which should alleviate the volatility in the company's ...