Barclays increased its price target from $69 to $76, which represents a 5 percent premium assuming a 16.9x regulated utility group P/E and 2018E EPS of $4.28.
"We are fine-tuning our EPS estimates for a 9.25 percent earned ROE at CECONY, closing of the JV with Crestwood Equity Partners LP, recent financings and a $500 million placeholder to settle East Harlem," noted Barclays. Edison provided info on its "Reforming the Energy Vision" implementation plan in the GRC, which includes the following three major aspects: (1) electric vehicle business model solicitation in Q4, (2) a fast charging hub and (3) electric bus pilot.
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