Black Hills (BKH) Valuation Updated as BofA Revises Models

Black Hills Corporation (NYSE:BKH) is included among the Best Low Risk Stocks for a Retirement Stock Portfolio.

On January 23, BofA raised its price target on Black Hills Corporation (NYSE:BKH) to $72 from $70 and maintained a Neutral rating. The firm said the update reflects a roll-forward of its valuation to 2028 EPS, along with revised peer P/E multiples.

Earlier in the month, on January 7, Black Hills announced it had completed construction and energized its 260-mile Ready Wyoming electric transmission expansion. The $350 million project was placed into service on schedule in December 2025 and now links the company’s electric systems across South Dakota and Wyoming.

Management said the project is designed to support long-term cost stability for customers, improve system reliability, and expand access to regional power markets. It is also expected to support local economic activity and help enable future energy development in Wyoming. About $300 million of the investment will be recovered through the Wyoming Transmission Rider, while roughly $50 million tied to distribution upgrades is expected to be recovered through base rates in the next rate review.

Black Hills Corporation (NYSE:BKH) is a regulated utility focused on steady growth and customer service, providing natural gas and electric service to about 1.35 million customers across eight states.

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