UPDATE: Credit Suisse Downgrades Cheniere Energy to Neutral, Raises PT as Near-Term Positives are Priced In

In a report published Thursday, Credit Suisse analyst Abhiram Rajendran downgraded the rating on

from Outperform to Neutral, but raised the price target from $50.00 to $65.00. In the report, Credit Suisse noted, “LNG is up over 35% over the last 2 months, and with this move we believe a lot of the positives over the near-term (particularly looking ahead to the Monday Analyst Day) are decently priced in. We believe further incremental positive news-flow from next week could keep the stock pushing higher (and accordingly we have cushion in our revised target price) and longer-term we still like the story and see avenues for further value unlocking, but for now we believe the mid-term risk/reward isn't heavily skewed to the upside.” Cheniere Energy closed on Wednesday at $57.67.