Duke Energy price target raised to $107 from $106 at KeyBanc

KeyBanc raised the firm’s price target on Duke Energy to $107 from $106 and keeps an Overweight rating on the shares. The firm believes Duke is well positioned as a core utility investment that operates in the Southeast across constructive regulatory jurisdictions. The company has agreed to sell its Commercial Renewables business via two separate sales, allowing the company to de-risk its portfolio, while funding its regulated businesses and reducing debt. Given the de-risked portfolio and the long runway for capex growth, KeyBanc thinks the discount that shares trade at relative to its large-cap peers is unwarranted and expects shares to trade at a slight premium over the long-term.