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Goldman Sachs Upgrades Duke Energy to Buy, Sees 17% Upside
Jun 25, 2025 3:24 PM - Davit Kirakosyan
Image credit: FMP
Goldman Sachs upgraded Duke Energy (NYSE:DUK) to Buy from Neutral, raising its price target to $132, citing a more optimistic view on the company’s growth outlook, regulatory progress, and relative valuation.
The firm highlighted several key catalysts behind the upgrade, including Duke’s strong projected capex growth through 2029, particularly in the Carolinas, where electricity demand is accelerating. Goldman expects Duke to capitalize on this trend more effectively than peers, thanks to its partnership with GEV, which allows it to deploy new gas generation capacity more rapidly.
Regulatory momentum is also improving. The company has secured favorable outcomes in recent rate cases in both the Carolinas and Florida and now has a clear framework in place for large-load customers—enhancing visibility and earnings stability.
Valuation further supports the bullish case. Duke currently trades at a 6% discount to its premium utility peers based on forward P/E, a gap Goldman believes is unjustified given its growth profile and operational progress.
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