Duke Energy (DUK) PT Lowered to $109 at BMO Capital

BMO Capital analyst James Thalacker lowered the price target on Duke Energy (NYSE: DUK) to $109.00 (from $110.00) while maintaining a Outperform rating.

The analyst commented, "Following our typical quarterly walk, we are revising our 2Q24 estimate for DUK to $1.01 vs $0.91 in 2Q23. The net $0.10 YoY improvement is driven by EU&I due to a favorable weather comparison, load/NC customer growth, DEC/DEP/DEF rate relief and Midwest riders. On the call, we expect investors' focus to be on regulatory updates (comprehensive FLA rate case settlement/upcoming DEI testimony), the NC Carbon Plan hearings this month, as well as industrial volumes and balance sheet progress. We remain Outperform. Our MTM SOTP target price moves to $109."

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