UPDATE: BMO Capital Markets Raises PT to $75 on EQT on Solid Production Growth

BMO Capital Markets reiterated its Outperform rating on EQT

and raised the price target from $70.00 to $75.00. BMO Capital Markets noted, "We are raising our target price to $75 from $70 per share following another strong quarter of production growth driven by solid Marcellus execution and well results. EQT grew production ~12% Q/Q for the third straight quarter and exceeded guidance despite bringing online fewer than planned stages (820 vs. +1,100). Based on continued Marcellus success and performance of EQM, we view EQT shares as meaningfully undervalued and among the most attractive in our coverage on sum of the parts or NAV." EQT closed at $61.95 on Friday.