JPMorgan downgraded Dominion (D) to Underweight from Neutral with a price target of $52, down from $59. The firm sees “growing project risk on uncontrollable external factors” for the company. The analyst is increasingly concerned on the potential for “serial” Coastal Virginia Offshore Wind project impacts, and highlights smaller considerations such as pension contributions as an earnings exposure to the market’s recent decline, potentially adding an earnings headwind.
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