Duke Energy price target lowered to $96 from $109 at KeyBanc

KeyBanc analyst Sophie Karp lowered the firm’s price target on Duke Energy to $96 from $109 and keeps an Overweight rating on the shares. The firm notes that the NC governor vetoed SB 678, or the “Promote Clean Energy” bill, which proposes to redefine renewable energy as clean energy and include nuclear and fusion technology as clean energy. Republican lawmakers plan to override the veto. Duke owns and operates the largest regulated nuclear fleet in the U.S., with 11 nuclear units located at six separate sites totaling 10.7 GW across North Carolina and South Carolina. Meanwhile, the company has announced the closing of the sale of the distributed energy business to ArcLight Capital Partners for $364M, including non-controlling tax equity interests.