UPDATE: Stifel Nicolaus Downgrades EQT Corporation to Hold on Valuation
Stifel Nicolaus downgraded EQT Corporation (NYSE: EQT) from Buy to Hold and removed its previous $67.00 price target.
Stifel Nicolaus said, "Our $67 target price is being replaced with a fair value range of $63-65/sh, with the midpoint reflecting 9.0x 2013 EV/EBITDA. With limited upside to our fair value range, most of 1H13 catalysts already having been played out, gas prices starting to face some pressure (cold weather coming in too little or too late, industry production starting to grow again), and the multiple of most gas equities not cheap, we would move to the sidelines on this name at these levels."
EQT Corporation closed at $58.66 on Wednesday.
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