Deutsche Bank Downgrading Dominion Resources

Deutsche Bank is downgrading shares of Dominion Resources D to Hold from Buy, but it is revisiting its price target to $48.50 from $46.50. In a note to clients, Deutsche Bank writes, "With this mid-year update we are refreshing target valuations for our regulated utility names. We have also refreshed the regulated utility component of the valuations for our less-regulated (diversified) coverage although we have generally not made adjustments to merchant and non-regulated components today. In terms of highlights our core target regulated multiple moves from 12x to 12.5x 2013E reflecting mostly time value. We have also downgraded one name – Dominion (D) – from Buy to Hold after recent outperformance." Shares of D gained 40 cents on Friday to close at $47.66, a gain of 0.85%.