Dominion Resources, Inc. (D) PT Raised to $96 at BofA Securities

BofA Securities analyst Julien Dumoulin-Smith raised the price target on Dominion Resources, Inc. (NYSE: D) to $96.00 (from $86.00) on the belief that shares can trade to the peer electric FY24 P/E of 18.5x from 16.3x and gas utility FY24 P/E of 17.3x from 14.4x.

The analyst maintained a Buy rating, stating "The solar supply chain was fragile even before the decision from the DOC, and now we see the issue as further exacerbated. Expect mgmt. to address the issue on the call and note their strong purchasing power given their size, but if mgmt. is able to procure panels for 2023 (after we get more clarity on the tariffs), we see potential cost increases. The rider process for solar has become fairly straightforward so we ultimately see lower risk for D vs other utilities looking to get approval of solar (assuming supply is available)."

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