Wells Fargo downgrades Dominion to Equal Weight, lowers price target to $64

As previously reported, Wells Fargo analyst Sarah Akers downgraded Dominion to Equal Weight from Overweight with a price target of $64, down from $73. With recent EPS uncertainty, balance sheet concerns and track record issues, the analyst’s Overweight rating had been largely predicated on valuation. However, based on her revised 2025 EPS, shares trade at a 12% discount to Regulated Electric peers, which she thinks is reasonable.