Morgan Stanley Lifts Price Target on Edison International (EIX). Here is Why

With an annual dividend yield of 4.64%, Edison International (NYSE:EIX) is included among the 12 Best NYSE Stocks to Buy for Dividends.

Morgan Stanley Lifts Price Target on Edison International (EIX). Here is Why

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Edison International (NYSE:EIX) is one of the largest electric utility holding companies in America, focused on providing clean and reliable energy and energy services through its independent companies.

On June 24, Morgan Stanley lifted its price objective on Edison International (NYSE:EIX) from $64 to $66, but maintained its ‘Underweight’ rating on the shares. The target boost still implies a downside of almost 13% from the current price level.

Morgan Stanley adjusted its price objectives for North American Regulated & Diversified Utilities / IPPs as part of its monthly update. The firm highlighted that the overall utilities sector posted a decline of 5.5% in May, significantly lagging behind the gains of around 5.1% delivered by the broader S&P during the month.

Also on June 24, Edison International (NYSE:EIX) declared a quarterly dividend of $0.8775 per share. The dividend is payable on July 31 to shareholders as of the July 7 record. The utility has grown its payouts for 22 consecutive years and currently boasts a robust annual yield of 4.64%.

While we acknowledge the risk and potential of EIX as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than EIX and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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