Consolidated Edison's Weather Normalization Eases Steam Business Volatility: Analyst
Portfolio Pulse from Nabaparna Bhattacharya
Mizuho analyst Anthony Crowdell has reiterated a Neutral rating on Consolidated Edison, Inc. (NYSE:ED), lowering the price target to $89 from $95. The company has entered into a joint proposal for its steam business, which includes a new weather normalization mechanism expected to stabilize ED's earnings. Crowdell expects the company's EPS to be $4.86 for FY23, $5.15 for FY24, and $5.44 for FY25.
September 05, 2023 | 5:15 pm
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Consolidated Edison's new weather normalization mechanism for its steam business is expected to stabilize earnings. The company's price target has been lowered to $89 from $95 by Mizuho analyst.
The new weather normalization mechanism is expected to reduce volatility in Consolidated Edison's steam business, potentially stabilizing earnings. However, the lowered price target from Mizuho analyst may negatively impact the stock price in the short term.
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