Wells Fargo Upgrades Consolidated Edison Amid Shift Away From AI Trade
Consolidated Edison (ED) gained 1.2% in Thursday's trading after Wells Fargo upgraded the stock to Overweight from Equal Weight, raising its price target to $118 from $108. The firm cited ED as a defensive play that offers diversification away from artificial intelligence-related investments. The upgrade reflects growing investor interest in utility stocks like Consolidated Edison amid concerns about overexposure to the AI sector. Wells Fargo's analysts see value in utilities due to their stable earnings and less volatility compared to high-growth tech sectors, making them attractive during market rotations. This move highlights a broader trend of investors seeking safer assets as they reassess risk exposure following recent gains in AI-driven stocks.
Topics: Stock Upgrades Utility Sector