Argus Upgrades Duke Energy (DUK) to Buy
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Argus analyst Gary Hovis upgraded Duke Energy (NYSE: DUK) from Hold to Buy with a price target of $106.00.
The analyst comments "We are raising our rating on the DUK shares to BUY. We think that the DUK shares are attractively valued at recent prices near $99. The shares have traded between $77 and $108 over the past 52 weeks and are currently above the midpoint of the range. The shares have been in a bullish pattern of higher highs and higher lows since March 2020. On the fundamentals, the shares currently trade at 18-times our 2022 estimate, near the average multiples for comparable electric utilities and above the five-year historical average of 17. DUK also trades in line with peers based on price/cash flow, price/sales, and price/book. We especially like DUK's high yield of 3.9%, which compares favorably to the industry average yield of 2.8% and implies value. We also have a favorable view of the company's visible forward earnings stream, attractive integrated structure, and demonstrated execution ability. Added benefits are the company's growing dividend, generally positive relations with regulators, geographic diversity, and well-run electric generation and gas distribution facilities. In addition, the company continues to add new customers despite some remaining economic weakness in its service areas."
Shares of Duke Energy closed at $99.07 yesterday.
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