BofA analyst Julien Dumoulin-Smith lowered the firm’s price target on Consolidated Edison to $92 from $96 and keeps a Neutral rating on the shares. Shares have re-rated over the post-Covid period as concerns about arrears and a key rate case “have largely resolved in a constructive manner,” but the delay in approval of the latest Joint Proposal by the PSC is “notable” as the company has booked Q1 earnings based on the settlement rates, the analyst tells investors.
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