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Upgrade Alert for Consolidated Edison (ED)

By James Quinn

Consolidated Edison (NYSE:ED) was upgraded from Hold to Buy at Jefferies today. The stock closed yesterday at $74.13 on volume of 2.0 million shares, above average daily volume of 1.7 million.

Consolidated Edison, Inc., through its subsidiaries, provides a variety of energy related products and services. The Company supplies electric service in New York, parts of New Jersey, and Pennsylvania as well as supplies electricity to wholesale customers.

Consolidated Edison (NYSE:ED) defies analysts with a current price ($74.13) 16.0% above its average consensus price target of $62.25. The stock should hit resistance at its 50-day moving average (MA) of $74.17, as well as support at its 200-day MA of $67.57.

Consolidated Edison share prices have moved between a 52-week high of $81.88 and a 52-week low of $56.86 and closed yesterday at 30% above that low price at $74.13 per share. Over the past week, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 0.4%.

SmarTrend recommended that its subscribers protect gains by selling shares of Consolidated Edison on August 5th, 2016 by issuing a Downtrend alert when the shares were trading at $78.15. Since that call, shares of Consolidated Edison have fallen 6.3%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: analyst upgrades/downgrades Consolidated Edison

Ticker(s): ED