Goldman Sachs upgrades Duke Energy to Buy, citing positive growth outlook, regulatory progress, and valuation.

From Financial Modeling Prep: 2025-06-25 15:24:00

Goldman Sachs upgraded Duke Energy (NYSE:DUK) to Buy from Neutral, with a price target of $132. The upgrade is based on a more positive outlook on the company’s growth, regulatory progress, and valuation. Key catalysts include strong capex growth in the Carolinas and favorable outcomes in recent rate cases.

Duke Energy is projected to see significant capex growth through 2029, particularly in the Carolinas where electricity demand is rising. The company’s partnership with GEV allows it to deploy new gas generation capacity quickly, giving it an edge over competitors in capitalizing on this trend.

Regulatory momentum is on Duke’s side, with recent rate case wins in the Carolinas and Florida. The company now has a clear framework for large-load customers, boosting visibility and earnings stability.

Despite its growth profile and operational progress, Duke Energy currently trades at a 6% discount to premium utility peers based on forward P/E. Goldman Sachs believes this valuation gap is unwarranted, further supporting the bullish case for the stock.



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