UPDATE: Bank of America Merrill Lynch Raises PO on Dominion Resources to $50

Bank of America Merrill Lynch is out with its report on Dominion Resources D, raising its PO to $50. In a note to clients, Bank of America Merrill Lynch writes, "We recently traveled with Dominion management on an investor trip. Management did a good job highlighting the company's strong regulated story with particular interest in growth coming from its gas segments. VEPCO continues to remain one of the premier utilities in the country with 8%+ EPS growth expected for the next several years. D's gas segments are attractive with growth projects in the Marcellus and a potential Cove Point LNG export facility. We believe D has one of the best regulated and growth stories and see the current premium in the stock as deserved. Maintain neutral, but raising PO to $50." Shares of D closed Friday at $48.99.