Goldman Sachs has raised its price target for Duke Energy (NYSE: DUK) to $142.00 from $141.00 and kept a Buy rating on the utility's shares. The stock is trading at $123.47, with a price-to-earnings ratio of 19.29 and a dividend yield of 3.45%. Data indicate the company appears overvalued relative to its Fair Value estimate.
The investment bank pointed to a meaningful increase in Duke Energy's capital plan, which was revised up to $103 billion from the prior figure of $87 billion. Alongside that revision, Goldman Sachs updated its expectations for rate-base growth to 9.6% through 2030.
Duke's management has laid out guidance for earnings per share growth of 5% to 7% through 2030. Management also expects to reach the upper half of that range beginning in 2028, a projection that it attributes in part to data center load growth.
Goldman Sachs observed that the large upward revision to the company's rate base did not translate into stronger corporate earnings guidance. Nevertheless, the firm described Duke's guidance as conservative and pointed to solid investment opportunities across the utility's service territory, especially in jurisdictions the bank views as regulatorily attractive.
Based on its assessment, Goldman Sachs expects Duke Energy to generate roughly 8% average earnings growth through 2030. The bank also noted that substantial load growth could provide upside risk to that forecast. In addition, Goldman Sachs flagged the resolution of the North Carolina rate case as a potential catalyst that could prompt more constructive commentary on the company's earnings outlook.
In recent company results, Duke Energy reported fourth-quarter 2025 earnings that slightly exceeded analyst expectations. The company posted adjusted earnings per share of $1.50 versus consensus estimates of $1.49, and reported revenue of $7.94 billion compared with projected revenue of $7.57 billion.
Following those results, other brokerages maintained positive stances on the stock. BTIG reiterated a Buy rating and kept its price target at $141.00, citing Duke's consistent performance against its targets. Mizuho held an Outperform rating but modestly trimmed its price target to $130.00 from $131.00 after adjustments to the capital plan.
Company guidance continues to emphasize a 5% to 7% compound annual growth rate in EPS through 2030, with management indicating it expects to earn in the top half of that range beginning in 2028. Taken together, the bank commentary, broker reactions, and the company's reported results underscore Duke Energy's strategic focus on capital investment and load-driven growth while highlighting ongoing regulatory and valuation considerations.