03:55 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:

We keep our 12-month target price of $37, valuing the shares of this limited partnership at 11x our 2025 adjusted EPS estimate of $3.35 and at 12.7x our 2024 EPS estimate of $2.92, versus the five-year average forward multiple of 12x and a disparate peer average of 13.2x. Q1 adjusted EPS of $0.73 versus $0.66 was in line with our $0.72 EPS estimate and the $0.73 consensus EPS view. We view these results positively, as 6.2% revenue growth (in line with our 5%-9% growth forecast) was enhanced by 160 basis points of margin expansion, and operating income rose by over 12%. More encouraging, we think, were Q1 fund flow trends that included $3.7B of active net inflows (for 2.3% organic growth), including 6% annualized organic growth in the retail channel. These rates of organic growth are superior to many peers, who continue to suffer net outflows from active products. We note the shares trade as partnership units (with different tax implications), but also currently yield 9.2%, adding to potential total return.