Goldman Sachs Upgrades Consolidated Edison to “Neutral” (ED)

Early on Wednesday, analysts at Goldman Sachs upgraded utility company Consolidated Edison, Inc. (ED), noting that rate case concerns are already priced into the stock’s current valuation.

The analysts upgraded ED from “Sell” to “Neutral” and see shares reaching $57, up from the previous target of $55. This new price target suggests a slight upside to the stock’s Tuesday closing price of $55.28.

“While ED faces a challenging rate case in New York, we see this risk as well understood by the market now,” Goldman Sachs analyst Michael Lapides said.

Con Edison shares were inactive during pre-market trading on Wednesday. The stock is down a fraction year-to-date.