UPDATE: Deutsche Bank Reiterates Buy Rating, Raises PT on EQT Corporation

In a report published Friday, Deutsche Bank reiterated its Buy rating on EQT Corporation EQT, and raised its price target from $69.00 to $74.00. Deutsche Bank noted, “We went all the way to Pittsburgh and all we got was a Utility Sale....Our thesis at EQT has been the company is focused on accelerating resource development from the Marcellus in a highly accretive fashion via the monetization of other assets and use of low cost funding (MLP dropdowns, non-core asset sales). Today's move to sell the distribution segment (utility) is consistent with this strategy and provides further proceeds to 1) accelerate production growth in 2014+ (our estimates are 600 bps above consensus) and 2) potentially fund further growth from an emerging opportunity in the Utica.” EQT Corporation closed on Thursday at $59.17.