UPDATE: UBS Investment Research Resumes Neutral, Raises PT to $54 on Dominion on Growth and Premium Multiple
UBS Investment Research resumed its coverage on Dominion Resources (NYSE: D) at Neutral and raised its price target from $40 to $54.
UBS Investment Research noted, "We are resuming coverage on Dominion with a Neutral rating, as we believe its current valuation reflects its premium utility and improved growth opportunities in midstream. Notwithstanding a potential rate case in ‘13, we see mgmt's 5-6% EPS growth as sustainable (with only modest equity needs in '13-'15), at least on a compound basis through '17 despite headwinds at its merchant gen subsidiary."
Dominion Resources closed at $53.83 on Friday.
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