UPDATE: Hillard Lyons Reiterates Its Long-Term Buy Rating on Piedmont Natural Gas and Raises PT to $36 on Solid Fiscal Q1 Results

In a report published Thursday, Hillard Lyons reiterated its long-term Buy rating on Piedmont Natural Gas (NYSE: PNY) and raised its price target by $1 to $36.Hillard Lyons reported that, “Since turning bullish on Piedmont ~2 months ago, not much has changed with the story, in our view, andwe believe our thesis points/catalysts remain intact. Though not quite to the extent we anticipated,weather provided a slight tailwind in Q1, and we believe the same can hold through Q2. Customergrowth remains somewhat muted, but the trend is encouraging, and we believe customer additions presenta slight element of upside optionality to our estimates. Finally, but perhaps most importantly, the Suttonproject is on-schedule to be in-service during fiscal Q3. Taking these ideas in tandem we believe theconversation remains positive surrounding Piedmont and are comfortable adding to positions at currentlevels.”Shares of Piedmont Natural Gas closed at $32.98 on Wednesday.