Consolidated Edison upgraded to Buy from Neutral at BofA

BofA upgraded Consolidated Edison to Buy from Neutral with a price target of $103, up from $92. The New York Department of Public Service approved the joint proposal settlement for the electric and gas rate cases for Con Edison at its July 20 meeting, the analyst tells investors in a research note. The firm says the settlement provides rate certainty and a regulatory “de-risk” for Consolidated Edison through 2025 and opens up the potential for a re-rating of the shares.