Why Edison International Stock Withered on Wednesday

Edison International (EIX) stock fell over 6% on Wednesday after JPMorgan analyst Aidan Kelly cut his price target from $82 to $61 per share. The decline was driven by California's legislature failing to vote on the Wildfire Liability Bill, which would have provided liability protections for utilities. This leaves Edison's subsidiary Southern California Edison vulnerable to multiple lawsuits related to the early 2025 Eaton fire.