BofA/Merrill analyst Julien Dumoulin-Smith downgraded Consolidated Edison to Neutral from Buy with a $92 price target. Following management's latest commentary, the analyst sees a downward bias to consensus earnings estimates. He now sees the company performing slightly below the midpoint of its earnings adjustment mechanisms.

Scotiabank lowered the firm's price target on Consolidated Edison to $85 from $91 and keeps an Underperform rating on the shares. Interest rates remain stubbornly high, which has weighed on the sector's valuation, the analyst tells investors. The firm views both Canadian and North American utility stocks as undervalued but sees upside for Canadian utility stocks following their steady underperformance compared to its U.S. peers. Fundamentally, Scotiabank remains bullish on the group's long-term earnings outlook given the tailwinds driving its strong rate base growth.