BofA Securities on Duke Energy (DUK): 'Florida sale provides EPS/BS accretive capital recycling'
BofA Securities analyst Julien Dumoulin-Smith reiterated a Neutral rating and $128.00 price target on Duke Energy (NYSE: DUK).
The analyst comments "DUK announced the sale of a 19.7% state in Duke Energy Florida to Brookfield for $6bn. This price implies a valuation of 2.0x ’24 rate base and 29x ’24 earnings. This transaction will both strengthen DUK’s balance sheet and provide efficient funding for increased rate base investment. DUK is raising its long-term FFO/Debt target to 15%, raising its cap-ex guidance to $87bn from $83 bn prior and updating its funding plan. This transaction is expected to close in early ’26 following FERC/CFIUS approvals."
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Shares of Duke Energy closed at $124.17 yesterday.