While capital productivity is getting a slight improvement in 2011, EQT (NYSE:EQT) still looks like they're not going to surprise anyone, although they had their price target bumped up by Canaccord.
Canaccord says, "We are increasing our target from $35 to $38 to reflect higher E&P capital productivity and price realizations...In our view, EQT’s -60% premium (’11E EBITDA) to the group is unwarranted given a weaker CFPS growth (’11-’13E) outlook. Our target is underpinned by a $5 longterm gas price forecast and EQT’s -90% production weighting toward gas. Our revised capital productivity assumption generates ’11 estimated production growth of 32%, which is 2% above guidance and 1% above our prior forecast."
Canaccord Genuity reiterates a 'Sell' rating on EQT Corp. (EQT), which closed Friday at $46.55, losing $0.20, or 0.43. They raised their price target on EQT to $38.
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