Duke Energy price target lowered to $103 from $104 at BofA

BofA lowered the firm’s price target on Duke Energy to $103 from $104 and keeps a Buy rating on the shares. A virtual fireside chat with CEO Lynn Good revealed the company’s main message is a renewed “sole” focus on organic growth at the core utility business which is expected to be driven by rate case outcomes at both North Carolina utilities in 2023, along with refreshed IRPs in both North and South Carolina, the analyst tells investors in a research note. Management talked down M&A, a pivot from messaging earlier in the year, the firm says.