12:40 AM EDT, 04/24/2024 (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 raise our 12-month target price by $10 to $462, valuing AMP shares at 12.2x our '25 operating EPS estimate of $37.75 (raised today by $1.15) and at 13.5x our '24 operating EPS estimate (lifted by $0.37), versus its three-year average forward multiple of 11.2x and a peer average of 14x. AMP reported Q1 operating EPS of $8.39 versus $7.25, topping our $8.02 EPS estimate, the $8.20 consensus view, on 13% higher Advice & Wealth revenues, 7% higher Asset Management revenues, and 11% higher Retirement & Protection revenues. We now see operating revenue growth of 7%-12% in '24 and '25 (up from our previous estimate of 6%-10% growth), which is above many peers and should help close the shares' valuation gap to peers. While our view is tempered by an erosion in Asset Management fund flow trends (Q1 outflows were $5.7B versus $2.5B) and the 16% rise in Q1 distribution costs, we view the shares, currently trading at 10.8x our '25 EPS estimate and yielding 1.5%, as undervalued versus peers.