Edison International price target lowered to $69 from $87 at UBS

UBS lowered the firm’s price target on Edison International (EIX) to $69 from $87 and keeps a Neutral rating on the shares. The containment of the Eaton fire in California could result in a partial retracement in the stock toward pre-Eaton fire levels, but there is still a lack of confirmation of Edison’s initial conclusion that their equipment did not cause the Eaton fire, and a report from CALFIRE has historically taken 6-12 months, the analyst tells investors in a research note. A positive third-party affirmation could swing the firm’s outlook higher, but a tougher California regulatory environment could also tilt it more negative, UBS added.