UPDATE: Canaccord Upgrades EQT to Hold, Ups PT to $50

Canaccord raises its rating on EQT (NYSE: EQT) to Hold from Sell on valuation and increases its price target by $5 to $50 on higher gas price realization.

Canaccord says, "We are raising our target price $5 to $50 due to a higher gas price realization, a greater liquids composition and refinements to midstream margins. Due to valuation, we are upgrading EQT from Sell to HOLD. EQT peaked at almost $70 in late October before swooning to current levels near $50. We remain skeptical of the idea that EQT can garner a materially higher valuation for its midstream assets in an MLP, though EQT's takeout premium appears to have largely dissipated."

EQT closed at $49,64 a share yesterday.