12:35 PM EST, 03/04/2024 (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 CAD3 to CAD42, valuing POW shares at 8.9x our 2025 operating EPS estimate of CAD4.80 (lifted today by CAD0.18) and at 9.7x our 2024 EPS estimate of CAD4.35, versus the shares' three-year average forward multiple of 8.9x and a disparate peer average of 9.6x. Ahead of Q4 results, set to be released March 20, we reiterate our Q4 operating EPS estimate of CAD1.02 and our 2023 EPS estimate of CAD4.58. We expect a modest (2%-4%) rise in operating revenues in 2023, and growth of 3%-5% in 2024. The decline in EPS we are forecasting in 2024 partly reflects the impact of the January 1, 2024 sale of Putnam Investments (formerly a unit of POW's Great-West Lifeco unit) to Franklin Resources Inc. (BEN 28 ***) in a transaction valued at USD1.7B-USD1.8B, subject to post-closing adjustments. Currently trading at 9x our 2024 EPS estimate, we view the shares as fairly valued versus historical averages, but worth holding, given the current yield of 5.4%.