UPDATE: Pritchard Capital Partners Upgrades EQT; Raises PT

According to a research report published this morning, Pritchard Capital Partners has upgraded EQT

from Neutral to Buy, and raised PT from $55 to $60. In the report, Pritchard Capital Partners said, "We believe that EQT may be forming a bottom. To equate our $67 NAV to the current trading range, we would have to lower our mid-cycle gas price to $3.50/Mcf from $4.00/Mcf and would have to assume a 10% discount on account of the company having a complex structure. While near term gas prices will likely remain weak, we are much more bullish than $3.50/Mcf in the long run and are upgrading EQT to a 'Buy'." EQT closed Friday at $47.83.