Deutsche Bank analyst Jonathan Arnold upgraded Duke Energy to Buy with an unchanged price target of $86. Friday's constructive order from the North Carolina Utilities Commission in the Duke Energy Progress rate case effectively allows recovery of a majority of the utility's historical costs related to coal ash basin closures, Arnold tells investors in a research note. He sees the order as largely resolving the outstanding regulatory risk associated with coal ash cost recovery in North Carolina and likely offering a positive read-across to the larger Duke Energy Carolinas rate case. Arnold views Duke Energy's valuation as discounted at current levels.