Analyst Note
| Andrew Bischof, CFA, CPA |We are maintaining our $27 fair value estimate for PPL after the company reported first-quarter operating earnings per share of $0.41, up from $0.28 in the year-ago period. The company doesn't provide 2022 earnings guidance, given the uncertainty related to the proposed Narragansett Electric acquisition. Our narrow economic moat and stable moat trend ratings are unchanged.