JPMorgan analyst Richard Sunderland assumed coverage of Edison International (EIX) with a Neutral rating and $72 price target. With the shares having significantly underperforming year-to-date following recent wildfires in southern California, the pure-play California investor-owned utility has returned to valuations discounts last seen in 2021-2022, the analyst tells investors in a research note. However, the firm prefers shares of PG&E (PCG) over Edison, citing the former’s more straightforward exposure to a California valuation re-rating. Eaton Fire facts and circumstances will remain a debate for Edison for some time, contends JPMorgan.
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Read More on EIX:
- Edison International Announces Leadership Transition Plans
- SCE unit says equipment may have been involved in SoCal fires, WSJ reports
- Edison down 1% as Cal Fire investigates possible link to start of Eaton fire
- Edison says SCE received Cal Fire request for data related to Eaton Fire start
- Edison unit accused of causing deadly Eaton Fire, Bloomberg Law reports