Duke Energy Unveils $103B Investment Plan, Goldman Raises Target to $142
Goldman Sachs raised Duke Energy’s price target to $142 from $141 as Duke expanded its five-year capital plan to $103B from $87B, targeting 9.6% annual rate-base growth through 2030. Management maintains 5%-7% annual EPS growth guidance through 2030 with data center contributions set to drive the top-end acceleration by 2028.
1. Capital Investment Plan
Duke Energy expanded its five-year capital investment plan to $103B from $87B, earmarking funds across nuclear, gas, solar and storage projects. The updated blueprint is designed to deliver a 9.6% compound annual rate-base expansion through 2030 to support growing demand.
2. EPS Growth Guidance
Management reiterated 5%-7% annual EPS growth guidance through 2030 and expects acceleration toward the top of the range by 2028 as data center projects scale. The company forecasts data center contributions will bolster earnings growth in the latter half of the decade.
3. Analyst Price Targets
Goldman Sachs raised its price target on Duke Energy to $142 from $141 while retaining a Buy rating, citing the enlarged investment plan and conservative EPS outlook. BTIG reaffirmed a $141 target following Q4 adjusted EPS of $1.50, nearly matching consensus estimates.
4. Financing and Risks
BTIG flagged the plan to double equity issuances as a financing risk that investors should monitor. The firm also highlighted growth in Energy Supply Agreement backlog and a de-risked approach to data center development as positives for execution.