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In a report published Tuesday, Credit Suisse analyst Abhiram Rajendran reinstated coverage on
Cheniere Energy PartnersCQP with an Outperform rating and $38.00 price target.
In the report, Credit Suisse noted, “We believe CQP presents a solid opportunity for returns, with more than a 40% total return outlook to our TP although this may not all be realized over the next 12 months. Further, we are using conservative assumptions for both SPL Trains 5-6 (vs mgmt's guidance for cash flows) as well as Corpus Christi. ~$2 of further upside exists if they hit higher end of cash flow target range for Trains 5/6 and fully market Corpus Christi volumes. Our target price of $38 bakes in a 75% probability of the expansion of Sabine Pass and the Corpus Christi project (eventual drop)—greater clarity on these projects would support even further upside (~$3).”
Cheniere Energy Partners closed on Tuesday at $28.31.
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