The reduced price target follows the release of the company's 2015 fourth quarter results last week.
The New York-based utility holding company posted adjusted earnings of 61 cents per share, topping analysts' expectations for earnings of 55 cents per share.
Revenue for the period was $2.71 billion, which fell short of analysts' estimates of $3.57 billion.
"ED provided guidance on its Con Edison Development solar projects which affirms our forecast for significant cash returns in year 1, but is below our net income forecast," Barclays said in an analyst note.
Con Edison operates through its subsidiaries, such as Consolidated Edison Company of New York and Orange and Rockland Utilities.
Shares of Con Edison are lower by 0.49% to $71.70 on Wednesday morning.
Separately, TheStreet Ratings Team has a "Buy" rating with a score of A on the stock.
This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks rated.
The company's strengths can be seen in multiple areas, such as its solid stock price performance, increase in net income and growth in earnings per share. The team feels its strengths outweigh the fact that the company shows low profit margins.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: ED