Jefferies Downgrades Edison International to Underperform Amid Rising Liability Concerns
Edison International (EIX) fell by 0.9% on Friday after Jefferies downgraded the stock from Hold to Underperform, lowering its price target from $53 to $42. The downgrade was attributed to concerns over liability related to a fire at an Eaton facility and uncertainty about legislative action in California that could address such liabilities. Jefferies noted that the likelihood of a special session being called by the California legislature is low, which means potential liabilities tied to incidents like the Eaton fire are not yet reflected in Edison's stock price. This has raised concerns among analysts regarding future financial exposure for the utility company.
Tickers: $EIX
Topics: Edison International Jefferies downgrade price target change