UPDATE: JP Morgan Upgrades Sempra Energy to Overweight on Growth Momentum
JP Morgan upgraded Sempra Energy (NYSE: SRE) from Neutral to Overweight and raised the price target from $68.00 to $83.00.
JP Morgan said, "We are revisiting key Sempra growth drivers ahead of the March Investor Day, including an analysis of Luz del Sur, Chilquinta and the Mexican midstream assets by our Latin America utilities team. We acknowledge the 2012 outperformance of SRE shares but see upside again this year even without full LNG export approval, and believe the total growth proposition remains superior to regulated peers. By year-end we see the company being positioned to begin construction on 1 to 2 LNG export trains, with improved regulatory visibility through 2015, and see the LatAm utilities as continuing to deliver robust growth."
Sempra Energy closed at $75.73 on Friday.
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