UPDATE: Bank of America Raises PT to $56 on Sempra Energy

A report from Bank of America reiterates its Neutral rating and raises its price target to $56 on Sempra Energy (NYSE: SRE).

The report states, “Sempra reported 3Q 2011 earnings of $1.22/sh, in-line with our estimate and slightly above consensus of $1.21/sh. Earnings benefitted by higher utility earnings due to AFUDC from Sunrise Powerlink (+$0.04/sh), higher intl. utility earnings and US dollar appreciation (+$0.09/sh) and LNG earnings (+$0.08/sh)."

SRE closed yesterday at $53.52.