ConEd upgraded at Barclays, citing 15.8% total return potential

|By:, SA News Editor

Consolidated Edison (ED +0.6%) is upgraded to Overweight from Equal Weight with a $62 price target at Barclays, which cites ED's above-average yield to the regulated utility group and 15.8% total return potential.

The firm's $62 price target is based on estimated 2015 EPS of $3.90 on a 15x regulated group multiple with a 6% large-cap premium that it sees as warranted in light of ConEd New York's rate base growth and long-term rate plan settlement that was approved last week by the state's public service commission.