Bank of America said the power and energy company offers a more "balanced" risk/reward.

"We are upgrading Dominion Energy to Neutral from Underperform with an $80 PO (from $79). We believe the shares offer a more balanced risk/reward proposition given our view that the market has factored in the risks associated with Atlantic Coast Pipeline (ACP). Moreover, we see the recent sell-off following the equity unit offering as somewhat overdone. Our SOTP-based PO suggests a total return of c.11%. While we believe ACP could remain an overhang until resolved, we believe the Street has already discounted ACP in valuation significantly, and solid execution at the core utilities makes us more positive on the shares. Further, we believe the voluntary retirement program (VRP) represent upside potential to O&M initiatives, and while we do not necessarily view it as incremental to the 5+% EPS guidance, we see it as helping to firm up those expectations with the upcoming 2Q call. We see fewer overall downside risks, with shares now trading at a wide discount to the group (~16% or 16.0x vs. 18.9x)."