Consolidated Edison Inc. (ED): Analyst Weighs In On NYC Mayoral Race

Consolidated Edison, Inc. (NYSE:ED) is included among the 12 Most Promising Clean Energy Stocks According to Wall Street Analysts.

Consolidated Edison, Inc. (NYSE:ED) has interests in the electric, gas, and steam delivery businesses. On October 6, Evercore ISI initiated coverage of the stock with an In Line rating and $106 price target. In an investor note, the analyst highlighted that the company had the ability to offset some of its future equity needs through the sale of its investment in the Mountain Valley Pipeline. However, per the analyst, the tough regulatory environment of Consolidated’s service areas and the pending New York City mayoral election warranted a neutral stance. Meanwhile, an analyst at Morgan Stanley also recently mentioned Consolidated in an investor note on the energy sector, raising the price target on the shares and stressing that there were long-term advantages of nuclear that were underappreciated in current market narratives.

Consolidated Edison Inc. (NYSE:ED) has shifted focus to power generation in only New York over the past few years. The firm continues to make significant investments in clean energy transmission projects, building electrification, energy efficiency, electric vehicle infrastructure, battery storage and other technologies. In earnings for the second quarter, the company posted earnings per share of $0.67, beating market estimates by $0.01. The firm is one of the top beneficiaries of a recent decision by The New York State Public Service Commission to approve 29 infrastructure projects worth $636 million, enabling 642 MW of electrification upgrades.

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