Raiffeisen Bank hiked the target price of 12 month-Transelectrica (TEL) shares by 18 pc, to RON 25, due to solid financial results in the first quarter, but maintained the “keep” recommendation, as the new estimate is a mere 10 pc above Friday’s reference stock price, according to an analysis remitted, yesterday, by the bank. “Revenue from transport was above our estimates due to higher quantities transported, while costs were below our expectations, resulting in net earnings double our estimates, of RON 161 M,” the Austrian bank’s analysts announced. They modified, in turn, estimates regarding the evolution of power quantities transported by Transelectrica this year, anticipating a 6 pc-growth, against the earlier estimate of a stalling. Local power consumption rose by 4.5 pc in the first quarter, compared to the same interval of the preceding year, while exports tripled, to 1.4 TWh, Raiffeisen Bank reports. Thus, the bank anticipates exports will be a source of growth in the second quarter as well, though at a slower pace, in the last two quarters, after the solid results of the first quarter.