01:35 PM EDT, 04/26/2024 (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 price remains $19, 14.3x our 2024 adjusted EPS estimate (unchanged at $1.35; our 2025 estimate also remains the same at $1.47), a discount to peers given a significantly lower dividend payout ratio (3%) and yield (0.2%) following the recent dividend reinstatement. PCG aims to bring its dividend payout ratio more in line with peers over time, with slower near-term growth transitioning to faster growth toward the end of its current five-year (2024-2028) plan. PCG reported Q1 EPS of $0.37 vs. $0.29, $0.03 above consensus, supported by returns on capital investments. PCG maintained guidance for 2024 EPS and longer term (at least 9% growth from 2025 to 2028), supported by an approximately 9.5% CAGR for weighted-average rate base from 2023 to 2028. PCG notes that 93% of its rate base is already authorized for 2024, along with 91% for 2025. Looking ahead, PCG expects significant (~70%) electric load growth in the next two decades due to data center demand in Northern California.