BMO Capital lowered the firm’s price target on Duke Energy to $99 from $101 but keeps an Outperform rating on the shares ahead of its Q1 results. The firm sees a positive comparison driven primarily by a smaller weather-related headwind, load/customer growth, and rate relief, but adjusts its valuation to reflect mark-to-market relative to the stock’s peer group multiple, the analyst tells investors in a research note. BMO adds that its positive view on Duke Energy reflects continued expansion of renewable development and fossil fuel retirements.
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