04:00 PM EDT, 05/03/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

Our 12-month target remains $89, 16.7x our 2024 EPS estimate (up $0.01 to $5.32), below peers and ED's historical average. We raise our 2025 EPS estimate $0.02 to $5.61. ED reported Q1 EPS of $2.15 vs. $1.83, $0.25 above consensus, supported by higher electric, gas, and steam rates, as well as a lower share count due to share buybacks. While we expect less earnings variability following the sale of ED's Clean Energy business in 2023 and note ED's long-term "Dividend Aristocrat" status, we think ED's peer-premium valuation is unwarranted given weaker three-year (2023-2026) EPS and dividend growth expectations vs. multi-utilities peers. ED recently made small adjustments to its pending Orange and Rockland (O&R) subsidiary electric and gas rate cases, lowering its electric rate request and raising its gas rate request; however, the request for a 10.25% authorized ROE was unchanged. Shares yield 3.5%, below the 3.7% peer median.