Jefferies Believes Consolidated Edison's 3-Year Rate Plan Will Benefit Everyone

Jefferies & Company has published a research report on Consolidated Edison ED after seeing the company report above average earnings and feeling confident about the company's 3-year rate plan that is expected to benefit ratepayers and shareholders. In the report, Jefferies writes "We are maintaining our Hold rating on Consolidated Edison, Inc. (Con Ed) with a price target of $52.00. Taking our 2012 EPS estimate of $3.65, in conjunction with a 14.3x P/E multiple, a 10% premium to our regulated T&D group, results in a $52.00 price target. Based on Friday's closing price of $49.54, this results in 12-month price appreciation and total return potential of 5.0% and 9.8%, respectively, including the company's dividend yield of 4.8%." Consolidated Edison closed Friday at $49.54.