BUZZ-JP Morgan cuts PTs on utilities ahead of Q4, expects load growth to dominate print
** J.P. Morgan cuts PTs on four utilities ahead of Q4 earnings
** Brokerage trims Dominion's D.N ("neutral") PT to $58 from $62; says Q4's five-year capital plan refresh could see capex and higher rate base estimates in Virginia
** Duke Energy's DUK.N ("neutral") PT cut to $114 from $125; brokerage says expecting capex and load growth upside in Q4 print, co could also emphasize storm cost recovery
** NextEra's NEE.N ("overweight") PT cut to $90 from $99; J.P. Morgan says Q4 print could focus on subsidiary NextEra Energy Resources' NEER.N adj. EBITDA 2024 results and 2025 forecast by asset, but does not expect changes to NEE's long-term plan or EPS growth trajectory
** Brokerage cuts Southern Energy's SO.N ("overweight") PT to $83 from $92; says co will likely incorporate over $3 bln of announced projects and raise existing over 6% retail sales CAGR (2025-28), expect data center and large load growth
** Entergy ETR.N PT maintained at $87; brokerage to "remain bullish that ETR's success can beget success... remain focused into the quarter on further large load opportunities"
(Reporting by Seher Dareen in Bengaluru)
((Seher.Dareen@thomsonreuters.com;))
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