Edison International downgraded to Sell from Neutral at Ladenburg (earlier)
The Fly

Edison International downgraded to Sell from Neutral at Ladenburg (earlier)

Ladenburg earlier today downgraded Edison International (EIX) to Sell from Neutral with a price target of $73.50, down from $87. The firm cites concerns about the company’s ability to achieve its long term 5%-7% earnings growth target for the downgrade. Edison’s reliance on over-earning its authorized return on equity “contrasts markedly” with recent Administrative Law Judge recommendations, the analyst tells investors in a research note. The firm says that Edison shares are trading near historical high levels.

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