Analyst Note| Travis Miller |
We are reaffirming our $78 per share fair value estimate after Consolidated Edison reported $1.47 per share adjusted first-quarter earnings, up 2% from first-quarter 2021 adjusted earnings. Results are on track to meet our 2022 full-year outlook. We are reaffirming our long-term forecasts along with our no-moat and stable moat trend ratings. Management reaffirmed its 2022 EPS guidance at $4.40-$4.60 and 5%-7% long-term earnings growth target, both in line with our estimates.