UPDATE: Citigroup Lowers PT to $52 on EQT Corporation, Maintains Neutral

Citigroup reiterates its Neutral rating on EQT Corporation

and lowers its price target by $9 to $51 reflecting suspended Huron drilling. Citigroup says, "We are adjusting our estimates and target price (to $52 from $61) to reflect: 1) the impact of suspended Huron drilling per the company's announcement on Friday; and 2) our revised CIRA natural gas price forecast, in-line with our E&P Team estimates ($3.25/MMBtu). We believe management's decision to cut Huron capex was appropriate as it should preserve equity over the longer-term." EQT closed at $46.30 per share on Friday.