Bank of America Downgrades Consolidated Edison to Underweight

Bank of America downgraded Consolidated Edison ED from Neutral to Underweight. In a research report published today, Bank of America states, "We are downgrading Consolidated Edison (ED) because we believe the stock is fully valued versus the market and other utilities. Moreover, the stock does not reflect the risk around ED's next rate case. Although utilities generally are trading at a premium to the market as interest rates remain low, ED particularly is trading above its historical average to the market and at a premium to other large cap utilities, despite modest earnings growth and below-average dividend growth." On Friday, Consolidated Edison closed the week at $53.91. In today's pre-market trading, its shares lost 1.02% to stand at $53.36.