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Research Alert: CFRA Keeps Buy Opinion On Shares Of Duke Energy Corporation

05/10/2021 11:11

03:05 PM EDT, 05/10/2021 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We lift our 12-month target price to $122 from $103, which reflects a 22.4x multiple of our 2022 EPS estimate, a premium to DUK's historical forward average. We widen our 2021 EPS estimate by $0.02 to $5.17 and narrow our 2022 EPS estimate by $0.01 to $5.44. DUK posts Q1 EPS of $1.26 vs. $1.14, beating the S&P Capital IQ consensus estimate by $0.05 driven by growth in the Electric Utilities and Infrastructure segment due to rate case contributions and prior year unfavorable weather, partially offset by higher depreciation from a growing asset base and unfavorable retail and wholesale volumes. There is an unconfirmed media report today from WSJ that activist investor Elliott Management has a stake in DUK's shares, which could lead to changes on DUK's Board of Directors. We see DUK on track to meet its long-term growth rate of 5% to 7% driven by its $59 billion five-year capital plan including accelerating DUK's clean energy transformation by investing in renewables, battery storage, and in its delivery system.