The analyst is bullish on the company, given its ability to deliver the EPS CAGR target of 5%-7% and management's extension of the EPS growth rate projection through 2028.

Crowdell sees low risk to management's ability to deliver on its growth rate as the Southern California region continues moving towards electrification, supporting EIX's rate base growth of 8% or higher.

The analyst raised EPS estimates to $5.11 (from $4.96) for FY24 and $5.72 (from $5.27) for FY25.

The analyst's revised estimates do not include recovery of annual interest expense of $245 million related to the 2017/18 events.

Crowdell's 2025 forecast is at par with management's guidance of $0.70 (12% of EIX EPS) of AFUDC earnings and operational variances.

Price Action: EIX shares are trading higher by 1.06% at $69.74 on the last check Tuesday.