The cautious firms view Consolidated Edison as a good core holding for defensive investors. They are also encouraged by the company having made considerable progress on the regulatory front with its rate case proceedings in the past few years. The firms believe that the company merits a modest premium to its peers given its solid financial position, stable dividend, and lower risk business profile. The firms view the company as a fairly-valued, low-risk transmission and distribution utility with above-average earnings and dividend growth potential. The firms believe that the company has good performance with high reliability, but it is hampered by a less supportive regulatory environment and returns are limited by high customer rates. However, they believe that for investors, who are seeking a low-risk, income producing stock, for them Consolidated Edison is a good choice due to its high dividend yield, steady earnings, lack of exposure to commodity prices, and very low economic exposure as rates are decoupled at the important segments. With a lack of upcoming catalysts, the firms expect performance to be relatively steady.