UPDATE: Credit Suisse Reiterates Outperform Rating, Raises PT on Dominion Resources as Stage is Set for Long-Term Growth

In a report published Thursday, Credit Suisse analyst Dan Eggers reiterated an Outperform rating on

, and raised the price target from $76.00 to $78.00. In the report, Credit Suisse noted, “Dominion continues to find opportunities to deploy incremental capital into projects with attractive returns, as discussed in our 9.2.14 note around the Atlantic Coast Pipeline project and firmed up with the updated 5-year capex budget that is up $3 BN for 2014-19 vs last year's 2013-18 plan with $2.2 BN more in 2014-16. We see the expanded capex program as setting the stage for Dominion to extend the 5-6% EPS growth target beyond the current 5-year plan, which will likely be a central point of discussion at the February Analyst Day.” Dominion Resources closed on Wednesday at $69.66.