Jefferies Upgrades Dominion Resources, Inc. (D) to Buy On Valuation

Jefferies upgraded Dominion Resources, Inc. (NYSE: D) from Hold to Buy with a price target of $58 (up from $52), citing valuation.

The firm comments, "We are upgrading Dominion Energy to Buy from Hold based on valuation. The spread between Dominion's earned return on equity, the minimum threshold needed to breakeven, is among the most favorable of any of the regulated companies in our coverage universe. The combination of a favorable spread with a high level of rate base growth merits a 10% P/E premium to our regulated gas and electric peer group."

The firm raised FY13 EPS from $3.20 to $3.25.

For an analyst ratings summary and ratings history on Dominion Resources, Inc. click here. For more ratings news on Dominion Resources, Inc. click here.

Shares of Dominion Resources, Inc. closed at $52.27 yesterday.

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