Duke Energy price target lowered to $102 from $109 at BMO Capital

BMO Capital analyst James Thalacker lowered the firm’s price target on Duke Energy (DUK) to $102 from $109 and keeps an Outperform rating on the shares. The company’s announced sale of its utility-scale solar and wind operations of Commercial Renewables to Brookfield Renewable (BEP) is “somewhat mixed” as the deal de-risks Duke’s funding plan but also comes with a modestly implied lower-than-expected initial proceeds from the sale and an $800M incremental headline write-down, the analyst tells investors in a research note.