03:35 PM EDT, 05/08/2024 (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 $31, 18.3x our 2024 EPS estimate (up $0.01 to $1.71; we raise our 2025 estimate $0.01 to $1.85), near peer valuations based on competitive near-term EPS and dividend growth trajectories, in our view, but below NI's historical forward average to reflect lower valuations in a higher interest rate environment. Our downgrade is primarily based on valuation, as we see less near-term upside relative to peers, after a roughly 9% increase in the 2024 P/E multiple since our Q4 2023 earnings note. Q1 EPS of $0.85 vs. $0.77 beat consensus forecasts by $0.02, supported by higher weather-adjusted retail electric and gas volumes as well as customer growth, offset by higher operations and maintenance costs. Shares recently yielded 3.7%, above the 3.6% multi-utilities median.