UPDATE: Goldman Sachs Reduces PT to $49 on Dominion Resources on Bearish Outlook

Goldman Sachs reiterated its Neutral rating on Dominion Resources

and reduced its price target from $51 to $49. Goldman Sachs commented, "After 3Q2012 earnings, where D missed GS/consensus estimates – partially on weather – we reiterate our Neutral rating on D, but come away from earnings increasingly bearish on D's 2014/2015 earnings growth potential. Our new forecasts of $3.49/$3.49/$3.75 for 2013/2014/2015 assume a step up in earnings on normal weather in 2013, but incorporate slower EPS growth in 2014, especially at the Virginia utility segment." Dominion Resources closed at $51.95 on Thursday.