UPDATE: Goldman Sachs Upgrades Southwestern Energy to Conviction Buy on Marcellus Assets
Goldman Sachs upgraded Southwestern Energy (NYSE: SWN) from Buy to Conviction Buy and announced a $46.00 price target.
Goldman Sachs noted, "We add Southwestern Energy to the Conviction List for three reasons: (1) Marcellus Shale assets are underappreciated, but growth and well performance could improve perception in six months; (2) we view SWN's Fayetteville Shale position as the “next play in” as natural gas prices rise; and (3) SWN (like most gassy E&Ps, including Buy-rated COG where we raise our target) is not a consensus favorite. We see 38% upside to our $46 12-month price target, raised from $44."
Southwestern Energy closed at $33.35 on Friday.
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