Morgan Stanley Raises Edison (EIX) Price Target Amid Deleveraging and Wildfire Cost Securitization

Edison International (NYSE:EIX) ranks among the stocks with the lowest forward PE ratios. On January 21, Morgan Stanley boosted Edison International (NYSE:EIX)’s price target to $61 from $57 while maintaining an Underweight rating on the company’s shares. The firm is revising its assessment of Regulated & Diversified Utilities / IPPs in North America, pointing out that utilities lagged the S&P 500 back in December.

Meanwhile, UBS reaffirmed its Buy rating and $70 price target for Edison International (NYSE:EIX) on January 16, as the company continues its deleveraging initiatives. According to analyst Gregg Orrill, Edison International (NYSE:EIX) has filed for securitization of $1.951 billion in Woolsey fire expenses and additional costs. The proceeds will be used to decrease debt at Edison’s Southern California subsidiary, along with investment purposes.

UBS is also expecting Phase 2 of wildfire mitigation policy in California this year to benefit Edison International (NYSE:EIX) as it strives to improve its financial situation.

Based in California, Edison International (NYSE:EIX) is a public utility company that specializes at generating power from a variety of sources, including renewable energy, nuclear energy, and natural gas.

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Disclosure: None. This article is originally published at Insider Monkey.