BMO Capital Lowers Duke Energy (DUK) Price Target

Duke Energy Corporation (NYSE:DUK) is included among the 10 Best Renewable Energy Dividend Stocks to Buy Now.

BMO Capital Lowers Duke Energy (DUK) Price Target

Duke Energy Corporation (NYSE:DUK) engages in the distribution of natural gas and energy-related services. The company owns and operates a diverse mix of regulated power plants – including hydro, coal, nuclear, natural gas, solar, and battery storage.

On November 10, BMO Capital analyst James Thalacker lowered the firm’s price target on Duke Energy Corporation (NYSE:DUK) from $138 to $136, but maintained an ‘Outperform’ rating on the company’s shares following its recent Q3 results. According to the analyst, the utility’s management is expecting to announce a refreshed 5-year capital plan in the range of $95 billion and $105 billion with Q4 results. The investment plan will drive earnings base growth of more than 8.5% through 2030, with incremental equity funding 30% to 50% of higher CapEx.

Duke Energy Corporation (NYSE:DUK) reported strong results for its third quarter on November 7, with the company topping revenue and profit estimates on the back of a strong power demand and higher electricity rates.

Duke Energy Corporation (NYSE:DUK) boasts an attractive annual dividend yield of 3.47% as of the writing of this piece, putting it among the 12 Best Utility Stocks to Buy for Dividends.

While we acknowledge the potential of DUK as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than DUK and that has a 100x upside potential, check out our report about the cheapest AI stock.

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Disclosure: None.