As noted earlier, Bernstein upgraded Duke to Outperform from Market Perform. The firm says that the company's strategy of repositioning its business around its core regulated utility segment has reduced its risk. Target $86.

Scotiabank lowered the firm's price target on Duke Energy to $94 from $101 and keeps a Sector Perform rating on the shares. Interest rates remain stubbornly high, which has weighed on the sector's valuation, the analyst tells investors. The firm views both Canadian and North American utility stocks as undervalued but sees upside for Canadian utility stocks following their steady underperformance compared to its U.S. peers. Fundamentally, Scotiabank remains bullish on the group's long-term earnings outlook given the tailwinds driving its strong rate base growth.