Duke Energy (DUK) PT Lowered to $100 at Mizuho Securities

Mizuho Securities analyst Anthony Crowdell lowered the price target on Duke Energy (NYSE: DUK) to $100.00 (from $114.00) while maintaining a Neutral rating.

The analyst commented, "Duke hosted a virtual ESG day with a focus on carbon reduction while taking advantage of IRA and $200M of O&M cost mitigation. The company has increased its 10-year capital plan by $10B to $145B and continues to believe a successful sale of Commercial Renewables can postpone equity needs post-2026. Most (90%) of the capital deployed in the electric business is eligible for riders and forecasted test years, minimizing the regulatory lag typically associated with large capex programs. We believe Duke should be able to execute on its robust capital plan, but find the current ~5% P/E discount as fair value. We are updating our PT to $100 (prev. $114) based on current market multiples."

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