Edison International downgraded to Neutral at Guggenheim after outperformance

As previously reported, Guggenheim analyst Shahriar Pourreza downgraded Edison International (EIX) to Neutral from Buy with a $72 price target. Edison has outperformed the S&P utilities index by 16% year-to-date and the firm now sees more limited upside for investors given the first half outperformance, especially as focus shifts to peer PG&E (PCG) in the context of near-term catalysts, a more conservative plan and better growth prospects, among other items. The firm adds “we aren’t making a negative call on EIX, just taking a pause” in the near-term.