Consolidated Edison upgraded to Sector Perform from Underperform at Scotiabank

Scotiabank upgraded Consolidated Edison (ED) to Sector Perform from Underperform with a price target of $100, up from $90. The theme of 2025 will be the robust outlook for demand for electricity, which the firm expects to be “a rising tide that will lift all boats,” but despite strong fundamentals, the firm doesn’t see an attractive near-term outlook for utility stocks, the analyst tells investors in a group 2025 outlook note. Though noting the firm increased price targets by about 6% on average and sees total returns of about 14%, the analyst is “increasingly cautious on the group” and adjusted several ratings to better reflect updated views on regulatory risks.