08:02 AM EDT, 05/16/2023 (MT Newswires) -- Power Corp. of Canada's (POW.TO) overnight Monday reported first-quarter adjusted net earnings of $682 million, or $0.77 per basic share, up from $613 million, or $0.65 per basic share, a year earlier.
Analysts polled by Capital IQ expected $0.92.
Meanwhile, National Bank on Tuesday raised the price target on the company's shares to $41 from $40 on net asset value increases even as adjusted EPS was below estimates.
"Losses within the Alternative investment platform drove the miss (still not breakeven), as POW reported roughly in-line results from the publicly traded operating companies and on operating expenses. NAV/share continues to increase, driving our PT up to $41 from $40," the analysts said.
"However, we await more concrete evidence of consistent profitability from the Alternative investment platform before turning more bullish," the analysts added.
National Bank has a sector perform rating on the company.