Con Edison upgraded to Buy at Argus on valuation, dividend yield

Consolidated Edison (ED +0.5%) is upgraded to Buy from Hold with a $60 price target at Argus, which says the stock appears favorably valued based on historical multiples and relative to peers.

ED's rate plan settlement was approved by New York regulators last month, and while the company did not receive the rate increases it initially requested, the firm likes the deal which allows for rate base growth in its electric, gas and steam operations while temporarily freezing rates for customers.

ED also offers an attractive dividend yield of ~4.5%, above the industry average.

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