UPDATE: Global Hunter Securities Upgrades Copano Energy to Neutral Following Q2 Results
Global Hunter Securities upgraded its rating on Copano Energy (NASDAQ: CPNO) from Reduce to Neutral and raised its price target from $26 to $30.
Global Hunter Securities said, "Quarterly results were better than anticipated and 2013 guidance was likewise greater than we envisioned. That being said, we are not getting more aggressive here given that we believe the company needs additional equity and units have had a healthy run going into the results release. We have underestimated the hedge impact and therefore sensitivity to NGL prices. We look to reevaluate units upon an equity raise."
Copano Energy closed at $29.94 on Friday.
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