After solid third-quarter results by Edison International (NYSE:EIX), Jefferies raised their price target on the energy company while maintaining their "Buy" rating on them.
Jefferies said, "We believe that EIX is undervalued, trading at the discount of our estimated stand-alone utility value of about $41.50. We do not assign any value to the merchant business."
While upping their earnings per share estimate for 2010 from $3.30 to $3.50, for 2011 they lowered EPS from $2.90 to $2.65 and 2012 from $2.65 to $2.40.
Edison International closed Monday at $37.04, gaining $0.14, or 0.38 percent. Jefferies raised their price target on them from $38 to $41.50.
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