Why Edison International Stock Withered on Wednesday
An analyst took a pair of scissors to his price target.
Overview
Still reeling from a recent regulatory setback in California, Edison International (NYSE: EIX) stock was dealt a fresh blow on Wednesday. An analyst tracking the California power utility made a deep cut to his price target; this, combined with generally gloomy sentiment on the company, drove the shares down by more than 6% on the day.
Aidan Kelly from JPMorgan Chase's JPMorgan was the lead prognosticator behind the reduction. In a new research note, the pundit changed his Edison price target to $61 per share, well down from his previous $82. However, he maintained his neutral recommendation on the utility stock.
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Originally published at www.fool.com.
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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Data may be delayed up to 15 minutes. Past performance is not indicative of future results. Consult a licensed financial advisor before making investment decisions.