UPDATE: Hilliard Lyons Upgrades Piedmont Natural Gas Company to Long-Term Buy, Names $35 PT

In a report published Friday, Hilliard Lyons upgraded its rating on Piedmont Natural Gas Company

from Neutral to Long-Term Buy and named a $35.00 price target. Hilliard Lyons noted, “We are upgrading our rating on Piedmont from Neutral to Long-term Buy and are assigning a 2-year price target of $35 to PNY shares. Our target is derived by applying a 20x multiple to our 2014 EPS estimate. We believe this valuation is both appropriate and attainable based on our positive qualitative view of Piedmont's growth and business prospects.” Piedmont Natural Gas Company closed on Thursday at $31.79.