Black Hills (BKH) Valuation Updated as BofA Revises Models

Core Viewpoint - Black Hills Corporation (NYSE:BKH) is recognized as a low-risk stock suitable for retirement portfolios, reflecting its stable growth and customer service focus [1]. Group 1: Valuation and Ratings - BofA has updated its price target for Black Hills Corporation to $72 from $70 while maintaining a Neutral rating, indicating a roll-forward of its valuation to 2028 EPS and revised peer P/E multiples [2]. Group 2: Recent Developments - On January 7, Black Hills completed the construction of its 260-mile Ready Wyoming electric transmission expansion, a $350 million project that was placed into service on schedule in December 2025 [3]. - The transmission project aims to enhance long-term cost stability for customers, improve system reliability, and expand access to regional power markets, while also supporting local economic activity and future energy development in Wyoming [4]. Group 3: Company Overview - Black Hills Corporation is a regulated utility that provides natural gas and electric service to approximately 1.35 million customers across eight states, focusing on steady growth and customer service [5].