Ladenburg earlier today downgraded Edison International (EIX) to Sell from Neutral with a price target of $73.50, down from $87. The firm cites concerns about the company’s ability to achieve its long term 5%-7% earnings growth target for the downgrade. Edison’s reliance on over-earning its authorized return on equity “contrasts markedly” with recent Administrative Law Judge recommendations, the analyst tells investors in a research note. The firm says that Edison shares are trading near historical high levels.
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