Dominion price target lowered to $58 from $62 at Mizuho

Mizuho analyst Anthony Crowdell lowered the firm’s price target on Dominion to $58 from $62 and keeps a Neutral rating on the shares. On Saturday the Virginia legislature passed a rate relief bill that provides for a two-year return on equity of 9.7% and 52.1% equity ratio, ability to securitize unrecovered fuel, and over-earning sharing increased from 70% to 85%, the analyst tells investors in a research note. The firm reduced estimates to reflect the lower return on equity.