UPDATE: Bank of America Reiterates Buy Rating, Raises PT on Dominion Resources Following Midstream Partners S-1

In a report published Thursday, Bank of America analyst Brian Chin reiterated a Buy rating on

, and raised the price target from $71.00 to $75.00. In the report, Bank of America noted, “Following the filing of Dominion Midstream Partners' (ticker DM), we are refining our valuation of Dominion's MLP-able assets. We now assign a 6.0% target yield to the limited partner distributions expected in 2018 and a 5.0% target yield to the general partner cash flows expected from the MLP in 2018. Our revised assumptions for the MLP cause us to lift our price objective to $75 from $71. Our EBITDA and distributions estimates for the MLP are included herein.” Dominion Resources closed on Wednesday at $70.28.