Analyst Note
| Andrew Bischof, CFA, CPA |We are reaffirming our $45 fair value estimate and stable, narrow moat rating after Avangrid reported full-year adjusted earnings per share of $2.02 compared with $2.07 in the same year-ago period. Management reaffirmed its 2021 EPS guidance of $2.15-$2.35, in line with our estimates, as well as its 6%-8% annual growth rate through 2025.