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What: Shares of Consolidated Edison, Inc. (NYSE:ED) jumped 10% in June after analysts upgraded the stock and investors fled to the safety of utilities.

So what: Analysts at Barclays kept their rating on Consolidated Edison stock at equal weight, but they raised their price target from $69 to $76 per share. Estimates for 2016 earnings were raised by four cents to $3.99 per share, and 2017 and 2018 EPS estimates were raised a penny to $4.09 and $4.28.

On top of the increased analyst expectations, it didn't hurt that investors fled to safety when Brexit hit late in June. And the market generally thinks a regulated utility like Consolidated Edison is about as safe as it gets for investors.

Now what: Nothing fundamentally changed in June for Consolidated Edison, so I don't think it's worth changing your investment thesis. But the company is among the most forward-thinking in adapting to the utility market of the future, announcing last month that it's testing a "virtual power plant." That and the 3.3% dividend yield are attractive from an investment standpoint, but I wouldn't put too much stock in an analyst upgrade or a move higher just because utilities are in favor this month. Both of those factors may change in a month or two.

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