BofA Securities analyst Ross Fowler raised the price target on MDU Resources (NYSE: MDU) to $23.00 (from $22.00) while maintaining a Buy rating.

The analyst comments "We estimate Q1’26 EPS of $0.41, up 5% YoY and roughly in-line with the $0.43 consensus, as multi-jurisdiction natural gas rate relief – ID ($13mn, effective January), WA Year 2 ($10.8mn increment, effective March), and full-quarter contributions from WY and MT gas settlements – more than offsets high interest expense on a new term loan (+35bps on the revolver) and incremental dilution from the March settlement of roughly half the 11.7mn-share forward. The electric segment wasn’t a huge contributor (with MT interim denied), WY rates were not effective until this month, and SD rider still pending. We reiterate our Buy rating on MDU Resources (MDU)."