The firm lowered its forecast for Edison International after updating price targets for North American utilities in April.
Morgan Stanley reduced its price target for Edison International (NYSE:EIX) to $64 from $70 while maintaining an Underweight rating. The adjustment follows a broader review of regulated and diversified utilities and independent power producers across North America in April.
Edison International reported Q1 2026 core earnings per share of $1.42 and reaffirmed its 2026 guidance, targeting 5% to 7% core EPS growth. The company also highlighted progress in wildfire risk mitigation, with 93% of planned distribution system hardening completed in high-risk areas.
Utilities underperformed the S&P 500 during the month, according to the firm. Edison International expects to generate nearly $25 million in unbilled revenue savings over three to six months once its proposed approach is implemented.