Dominion Resources (D) Overhand Removed Following State Supreme Court Optinion - Goldman Sachs
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Goldman Sachs maintains Neutral Dominion Resources, Inc. (NYSE: D) price target of $78.00.
Analyst Mike Lapides says the Virgina State Supreme Court decision Thursday morning to uphold the state legislation that extends the biennial rate reviews removes an overhand for Dominion. The analyst comments "We view this as a positive for D as this removes risk that a rate review could, given D’s earnings levels at its regulated business in Virginia, lead to rate changes that could provide a headwind to EPS - a potential $0.20+ EPS decrease not in our current forecast."
Lapides believes this is a reaffirmation that Virginia remains one of the top state regulatory environments for utilities. The analyst remains Neutral rated citing a SOTP valuation that pegs the share price at $78.00.
Shares of Dominion Resources, Inc. closed at $78.07 yesterday.
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