Deutsche Bank downgraded Consolidated Edison (NYSE: ED) from Hold to Sell with a price target of $70.00 (from $62.00).
Analyst Jonathan Arnold said, "The company has been one of the best performers in the regulated side of the sector year-to-date (outperforming S&P Utilities by 4.5%) and now trades at one of the highest multiples as well (17.5x vs. sector average of 16.8x).
Source: StreetInsider