North American Utilities 2Q26 Previews: CNP, DUK, ETR, SO

研报英文原文证据摘录

North American Utilities 2Q26 Previews: CNP, DUK, ETR, SO

Jeremy Tonet, CFA AC North America Equity Research

(1-212) 622-4915 15 July 2026 J P M O R G A N

jeremy.b.tonet@jpmorgan.com

Investment Thesis, Valuation and Risks

CenterPoint Energy, Inc. (Neutral; Price Target: $47.00)

Investment Thesis

Post notable progress in Texas, CNP’s regulatory outlook appears relatively de-risked,

allowing a renewed focus on significant TX load growth opportunities.The recent plan

refresh introduced a $65bn capital investment plan for the next 10 years (raised to $65.5bn

at 4Q25) with upside potential around $10bn, driving expected rate base growth of 11%+

through 2030, and providing comfort in hitting the high end of the EPS guide range and

7-9% EPS CAGR over the next several years, with only relatively minor equity issuance.

Whereas CNP’s outlook appears strong versus peers, particularly given lower relative

regulatory risk, we see a bit more value in other names at this juncture.

Valuation

We establish our Dec 2027 price target of $47/share (versus prior Dec 2026 price target of

$45/share), based on a SOTP valuation. CNP’s electric utility segments are valued at 20.9x

our 2028 earnings estimates, and the company’s gas utilities are valued at a 21.0x P/E

multiple, representing a premium to peers given favorable TX growth and associated

investment opportunities. Our price target reflects current peer multiples and our updated

relative risk outlook.

Risks to Rating and Price Target

• Regulated electric and gas utilities are subject to strict federal and state regulation,

including determinations of allowed revenues. Any change to the existing ratemaking

mechanisms, including a repeal of the mechanism itself, may cause future earnings to

differ materially from our current expectations.