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Research Alert: CFRA Maintains Hold Opinion On Shares Of Spire Inc.

05/10/2021 10:24

02:20 PM EDT, 05/10/2021 (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:

We widen our 12-month target price to $85 from $70, reflecting 19.3x our FY 2022 (Sep.) EPS estimate, a premium to SR's historical forward average. We lift our FY 2021 estimate to $4.37 from $4.09 and our FY 22 estimate to $4.41 from $4.35. SR reports Mar-Q EPS of $3.71 vs. $2.74, beating the S&P Capital IQ consensus estimate by $0.62, driven primarily by strong Gas Marketing results as a result of extreme market conditions due to the February 2021 cold weather event, including the optimization of incremental storage positions. Gas utility results also exceeded expectations due to higher contribution margins partially offset by increased operating expenses. We expect the strong quarterly performance will enable SR to reduce its planned equity needs through 2023.