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 (NYSE: 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.
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