UPDATE: Stifel Nicolaus Cuts PT to $67 on EQT Corporation on Negative 2013 Guidance
Stifel Nicolaus reiterated its Buy rating on EQT Corporation (NYSE: EQT) but reduced its price target from $69 to $67.
Stifel Nicolaus commented, "The company had previously disclosed 2013 production growth rate mostly in line with current guidance, but the 2013 capex guidance was slightly above our expectations, midstream EBITDA is less than we were expecting, and the liquids mix will be lower given the increased drilling in the dry gas part of the Marcellus. This makes the production/capex guidance combination slightly negative. However, we believe that the accelerated testing of its asset potential should help with the company determine the best way forward to monetize its rich underlying asset base. In our view, EQT remains one of the better value plays for the Marcellus."
EQT Corporation closed at $57.79 on Tuesday.
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Tags: Stifel Nicolaus