Consolidated Edison (ED) PT Raised to $78 at Credit Suisse

Credit Suisse analyst Michael Weinstein raised the price target on Consolidated Edison (NYSE: ED) to $78.00 (from $77.00) while maintaining an Underperform rating. Management initiated 2019 guidance $4.25-$4.45, which excludes -$0.20 of HLBV accounting impact for the recent SRE solar portfolio acquisition. This is $0.05 below Weinstein's previewed expectation for $4.10-$4.30 that includes HLBV vs CS 4.21, but in line with consensus $4.32.

Credit Suisse's 2019 EPS estimate increased to $4.36 from $4.21 to include non-cash HLBV accounting for recently acquired SRE solar projects. For 2019, the company plans to issue $500M of equity above the usual $100M from DRiP and employee plans.

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