UPDATE: Jefferies Upgrades Dominion Resources to Buy on Valuation

Jefferies increases its rating on Dominion Resources D to Buy from Hold and increases its price target from $52 to $58. Jefferies comments, "We are upgrading Dominion Energy to Buy from Hold based on valuation. The spread between Dominion's earned return on equity, the minimum threshold needed to breakeven, is among the most favorable of any of the regulated companies in our coverage universe. The combination of a favorable spread with a high level of rate base growth merits a 10% P/E premium to our regulated gas and electric peer group." D closed at $52.27 on Monday.