Citi Maintains Sell on Edison Intl. (EIX)

Citi is out with its report on Edison Intl. EIX, maintaining Sell and a $35 PT. In a note to clients, Citi writes, "On 1/25/11, Governor Jerry Brown appointed Mike Florio and Catherine Sandoval to the California Public Utility Commission. The appointments are expected to fill two out of the three vacant seats currently at the CPUC. The appointees will need to be confirmed by the State Senate. We maintain our Sell rating on EIX, and a measured view of California regulatory dynamics. These two appointments could signal the beginning of a structural shift in CPUC regulatory dynamics as possibly a more vocal, and more pro-consumer bloc of Commissioners come to power." Shares of EIX closed yesterday at $37.50, down 0.56% from yesterday's close.