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Credit Suisse Gets Bearish on Utility Giants Con Ed & Southern Co. (ED, SO)

By Dividend.com,  October 02, 2012, 09:14:40 AM EDT

Utility operators Consolidated Edison, Inc. ( ED ) and The Southern Company ( SO ) on Tuesday caught some bearish commentary from analysts at Credit Suisse.

The firm slashed its rating on both ED and SO from "Neutral" to "Underperform."

Credit Suisse noted that ED is trading at a premium valuation and sees serious risks surrounding its upcoming rate case. Meanwhile, the analyst said SO's downgrade was made to reflect an adjustment in estimates vs. the consensus Wall Street view.

Both Con Ed and Southern Co. shares were mostly flat in premarket trading Tuesday.

The Bottom Line
Shares of Consolidated Edison ( ED ) have a 4.07% dividend yield, based on last night's closing stock price of $59.48. The stock has technical support in the $56-$58 price area. The shares have overhead resistance around the $62 price level. Shares of Southern Co. ( SO ) have a 4.29% dividend yield, based on last night's closing stock price of $45.67. The stock has technical support in the $43-$44 price area. The shares have overhead resistance around the $46-47 price levels.

Consolidated Edison, Inc. ( ED ) and The Southern Company ( SO ) are both currently rated "Neutral" by Dividend.com.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Stocks

Referenced Stocks: ED, SO



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