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Bull of the Day

We upgrade our long-term recommendation on Edison International (EIX) from Neutral to Outperform, owing to the inherent business strength of its regulated utility Southern California Edison. Although the company reported a third quarter earnings miss, we attribute it to a delay in the 2012 General Rate Case (GRC) rate case decision and continuing losses at the Midwest Generation unit.

Owing to California's supportive regulatory environment, our bullishness on the company remains unfazed. Going forward, our bullish outlook for the company is supported by consistent performance throughout its solid base of stable regulated utility operations, a steady growth in its rate base and ongoing alternative energy projects in-line with the renewable energy mandate.

Also, the steadily rising dividend of Edison International adds extra shine to the stock. Thus we upgrade our rating on the stock from Neutral to Outperform with a price target of $56.00 based on a P/E of 17.4x our fiscal 2013 EPS estimate.

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